Tata Metaliks plunges 8% as Q1 net profit falls 99% YoY to Rs 1.2 crore

Shares Tata Metaliks dipped 8 per cent to Rs 645 on the BSE in Thursday’s intra-day trade after the company reported a sharp decline in its profit after tax (PAT) to Rs 1.22 crore in June quarter (Q1FY23), due to higher raw material cost. The Tata Group company, engaged in pig iron business, had PAT of Rs 94.72 crore in the year-ago quarter (Q1FY22).

Sales Volume of Pig Iron & DI Pipe during the quarter fell by 23 per cent and 8 per cent, respectively, on a year-on-year (YoY) basis owing primarily to softening of market sentiment of Pig Iron from mid-May onwards. Pig Iron prices also witnessed a sharp drop in market prices after imposition of export duty