The Tinplate Company of India Ltd (TCIL), a subsidiary of Tata Steel, has announced a significant decline in its net profit for the June quarter. The company’s net profit plummeted by 96.91 pct to INR 2.62 crore (USD 319,153), compared to INR 84.98 crore in the same period last year. The decline was primarily attributed to lower income, as stated in a regulatory filing.
TCIL’s total income for the quarter reduced to INR 931.27 crore (USD 113.4 mln) from INR 1,017.17 crore in the corresponding quarter of the previous year. Meanwhile, expenses increased to INR 927.66 crore (USD 113 mln) during the first quarter of the current fiscal year, compared to INR 903.46 crore in 2022-23.
TCIL, headquartered in Kolkata, serves 40 pct of the overall domestic tinplate market and exports account for 15-20 pct of its sales. TCIL’s plant in Jamshedpur, Jharkhand, is undergoing an expansion project aimed at increasing its capacity from the current 415,000 tons to 715,000 tons by 2026. Despite the challenging financial results, TCIL remains focused on its expansion plans to meet the growing demand for tinplate in India and enhance its market presence in the coming years.
1 USD / 82 INR
