Tata Steel Long Products tanks 6% after flop show in Q4

New Delhi: Shares of Tata Steel Long Products dropped as much as 6 per cent during early trade on Wednesday, following a poor performance by the company in March 2022 quarter. The company reported a 82 per cent fall in net profit to Rs 59.62 crore in the quarter ended March 2022 as against Rs 339.85 crore during the previous quarter ended March 2021.

However, the sales rose over 16 per cent to Rs 1,799.40 crore in the quarter ended March 2022 as against Rs 1546.74 crore during the previous quarter ended March 2021.

Following the announcement of results, shares of Tata Steel Long Products tumbled 6 per cent to Rs 753, before trading at Rs 758.35 at 10.25 am. The scrip had settled at Rs 799.45 on Tuesday.

Tata Steel Long Products is a subsidiary of Tata Steel, wherein it holds 75.91 per cent stake in the company. It produces and markets sponge iron across India and in neighboring countries.

For the full financial year, the company reported a 10 per cent rise in net profit to Rs 629.87 crore, compared to a bottomline of Rs 571.97 crore in FY 2020-21.

The company reported a 43 per cent rise in total sales to Rs 6,801.63 crore in the financial year ended March 2022 as against Rs 4,749.87 crore during the previous year ended March 2021.