Tata Metaliks Ltd (TML), a subsidiary of Tata Steel, on Tuesday (October 17) reported a 209% year-on-year (YoY) jump in net profit at ₹44.16 crore for the second quarter that ended September 30, 2023, due to reduced expenses.

In the corresponding quarter last year, Tata Metaliks posted a net profit of ₹14.29 crore, the company said in a regulatory filing.

In the quarter, total income stood at ₹758.05 crore, down 14% against ₹881.77 crore in the corresponding period of the preceding fiscal.

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Expenses declined to ₹696.41 crore from ₹861.64 crore in July-September 2022-23, the company added.

A subsidiary of Tata Steel, Tata Metaliks has its plant in Kharagpur, West Bengal. It has two major product offerings — pig iron (PI) and ductile iron pipe (DIP).

The results came after the close of the market hours. Shares of Tata Metaliks Ltd ended at ₹959.75, up by ₹9.70, or 1.02%, on the BSE.

(Edited by : Shoma Bhattacharjee)