Tata Steel on Wednesday reported a consolidated net profit of 522.14 crore in the third quarter of 2023-’24, compared to a net loss of 2,224 crore in the same quarter a year ago.

Tata Steel’s revenue from operations declined 3% year-on-year to 55,312 crore.(Bloomberg)

In the last quarter (July-September), the company had reported a consolidated net loss of 6,196.24 crore due to impairment charges.

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The company’s revenue from operations declined 3% year-on-year to 55,312 crore. The same stood at 57,084 crore last year.

In a statement, the company also said that the board has approved February 6 as the record date to allot shares to shareholders of Tata Metaliks. As per the merger plan, for every 10 shares in Tata Metaliks, shareholders are to get 79 shares of Tata Steel.

Earlier today, ahead of the announcement of the Q3 results, shares of Tata Steel ended 5.06% higher at 135.15.

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