Tata Metaliks March quarter net up 6pc to Rs 55cr

Kolkata, Apr 28 (PTI) Tata Metaliks Limited (TML) on Friday announced a nearly six per cent rise in net profit to Rs 55.56 crore for the fourth quarter period ended March 2023 on the back of higher revenues.

The net profit for the corresponding Q4FY’22 was Rs 52.46 crore.

The revenue from operations for Q4FY’23 was Rs 926 crore, as compared to Rs 808 crore in the corresponding period of the previous year, representing a growth of 14 per cent.

Total expenses for the period were Rs 863 crore, as compared to Rs 772 crore in the corresponding period of the last fiscal.

“The Ductile Iron (DI) pipe plant-2 (new plant) production had a vertical ramp-up and its production of finished pipes touched 35 kilotonnes (KT) in the quarter (25 KT in Q3 FY’23),” the company said in a statement.

The company said its product portfolio now covers the larger size range from 900 mm to 1200 mm diameter pipes which constituted almost 30 per cent of sales from the new plant.

“The company’s DI Pipe business has a healthy order book for FY’24 execution because of robust demand for government’s water infrastructure projects. The company is geared up and well positioned to meet this high demand in the upcoming quarters through additional volumes from the new DI Pipe plant,” Tata Metaliks managing director Alok Krishna said.

Besides, he said, the pig iron business was adversely affected by weak market sentiments of commodity prices.

However, domestic demand for pig iron is expected to firm up in the coming quarters, Krishna said.