The company said that the approval comes after a review of the financing plan of the company.
The announcement was made with Tata Steel’s March quarter earnings where it reported a 64% year-on-year (YoY) fall in its consolidated net profit to Rs 611 crore compared to Rs 1,705 crore reported in the same quarter a year earlier. The profit figure fell short of D-Street’s Rs 991-crore estimates.
Revenue from operations too fell 7% YoY to Rs 58,687 crore. The company had reported consolidated revenue of 62,962 crore in the year-ago period.
On a sequential basis PAT was up by 19% from Rs 513 crore reported in Q3FY24 while revenue was higher by 6% versus Rs 55,311 crore posted in October-December quarter. The company’s board has recommended a dividend of Rs 3.6 per share and fixed June 21 as the record date to determine the eligibility of shareholders.The dividend, if approved by the shareholders at the AGM, will be paid on and from July 19.The company’s board has also approved a proposal to infuse funds up to $2.11 billion (Rs 17,407.50 crore), by way of subscription to equity shares of T Steel Holdings Pte Ltd, wholly owned foreign subsidiary, in one or more tranches, during FY25.
The earning was announced after market hours and the stock had closed at Rs 174 on the NSE, down by Rs 0.90 or 0.51%.
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