Shares of Tata Metaliks dropped almost eight per cent in Thursday's intraday after the company posted one of the worst quarters on Wednesday.  

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The stock price nosedived after Tata Metaliks on Wednesday reported a sharp fall in net profit to Rs 1.22 crore during the June quarter, against a net profit of Rs 94.72 crore in the same quarter in FY 2021-22. 

The company's total income stood at Rs 669.35 crore as compared to Rs 606.45 crore in the year-ago period. During the same period, the expenses climbed up to Rs 667.72 crore from Rs 471.62 crore a year ago.  

"While DIP business has delivered close to its planned volumes, the pig iron business got adversely impacted due to lower production and higher cost arising out of the annual maintenance shutdowns and also on account of operational issues in one of the blast furnaces for much of April and May," Sandeep Kumar, Managing Director of Tata Metaliks said in a regulatory filing. 

He also said that significant increase in coal, coke and consumable prices coupled with continuing drag of old DIP orders booked in FY21 and a sharp drop in pig iron prices post imposition of 15 per cent export duty severely dented the profitability in the June quarter. 

At 12.45 pm, this Tata Group counter was trading lower by more than five per cent to Rs 667 per share on the National Stock Exchange (NSE) on Thursday. 

The stock remained under pressure for the past few month, and gave a negative return of around 45% in the past one year as on July 14. 

A subsidiary of Tata Steel, Tata Metaliks has its manufacturing plant at Kharagpur, West Bengal, where the company produces the pig iron and Ductile Iron Pipes (DIP).