Tata Steel Long Products drops 4% on posting Rs 331 cr net loss in Q1

Shares of Tata Steel Long Products (TSLP) fell over 4 per cent in Friday’s early trade after the firm reported a loss in the first quarter of the current fiscal (Q1FY23).

The company’s net loss stood at Rs 331.09 crore in the June 2022 quarter on account of higher expenses. The company had posted a profit of Rs 331.60 in the same quarter last year.

Its total income rose to Rs 2,154.78 crore in Q1FY23 from Rs 1,726.82 crore in the quarter ended June 2021.


The total expenses increased to Rs 2,489 crore during the quarter under review from Rs 1,282.59 crore YoY.

A subsidiary of Tata Steel, TSLP is one of India's largest integrated special steel and merchant direct reduced iron (sponge iron) players.

The stock has given a negative three-year return of 18.62 per cent as compared to a 44.74 per cent rise seen in the Nifty Smallcap 100 in the same period.

TSLP, founded in the year 1982, is a smallcap company having a market cap of Rs 1,667.23 crore.