Latest News | Tinplate Company of India Q1 Profit Plummets 97 Pc to Rs 2.62 Crore

New Delhi, Jul 17 (PTI) The Tinplate Company of India Ltd has posted a 96.91 per cent decline in its net profit at Rs 2.62 crore in the June quarter, dragged by lower income.

The company's profit was at Rs 84.98 crore in the year-ago period, the Tata Steel subsidiary said in a regulatory filing on Monday.

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Total income also trimmed to Rs 931.27 crore from Rs 1,017.17 crore in the year-ago quarter.

Expenses increased to Rs 927.66 crore in the first quarter of the current fiscal year, as against Rs 903.46 crore in 2022-23.

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Domestic steel major Tata Steel owns a 74.96 per cent stake in Kolkata-headquartered Tinplate Company of India Ltd (TCIL), a tinplate producer.

From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic tinplate market and exports contribute to 15-20 per cent of its sales.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)