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Tata Steel Q2 profit plummets 87% even as revenue remains flat, misses estimates Tata Steel Ltd on October 31 reported an 87 percent year-on-year decline in consolidated profit after tax at Rs 1,514 crore for the September quarter. Sequentially, the profit declined 80 percent. Consolidated revenue for the Tata group company remained flat with a marginal decline of one percent year-on-year to Rs 59,878 crore. Sequentially, they fell 6 percent. Realisations declined amidst a global meltdown in commodity prices even as a fall in volumes in Europe was negated by an increase in local volumes. A jump in input costs severely dented margins and profitability.

Larsen & Toubro (L&T)'s net profit during the second quarter of fiscal year 2022-23 climbed by 22.5 percent year-on-year to Rs 2,229 crore, as per the financial results declared by the company on October 31. L&T reported a 23 percent rise in consolidated revenue for Q2 FY23 at Rs 42, 763 crore, as compared to Rs 34,772 crore clocked in the corresponding quarter of the previous fiscal. Higher-than-expected sales growth was driven by

The Central government's fiscal deficit widened to Rs 6.20 lakh crore in April-September, accounting for 37.3 percent of the full-year target, data released on October 31 by the Controller General of Accounts showed.