FILE PHOTO: A man walks past a screen displaying Tata Steel logo before the start of a news conference in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui TPX IMAGES OF THE DAY/File Photo
| Photo Credit: DANISH SIDDIQUI

Tata Steel on July 24 posted over 93% decline in consolidated net profit to ₹524.85 crore for the April-June quarter of 2023-24 on account of higher expenses.

It had posted ₹7,714 crore net profit in the corresponding period of 2022-23, according to a company filing to exchanges.

Total income also declined to ₹60,666.48 crore from ₹63,698.15 crore in the year-ago quarter, a fall of 4.75%.

Expenses soared to ₹58,553.25 crore in the first quarter of FY24 as against ₹51,912.17 crore a year ago.