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Tinplate Company of India Ltd. on Monday reported weak earnings for the December quarter as expected by the markets. The company’s profit after tax (PAT) fell by 62 percent to Rs 36.4 crore compared to Rs 95 crore a year ago.

Operating profit also fell 61 percent to Rs 53.13 crore from Rs 134.78 crore in the same period a year ago.

Revenue was down 19 percent to Rs 960 crore in the December quarter compared to Rs 1,180 crore in the year-ago quarter.

The profit margin stood at 5.5 percent in the December quarter, lower than the 11.4 percent recorded a year ago.

After the earnings announcement, shares of Tinplate Company fell as much as 1.8 percent to Rs 345.10 apiece in early trade on Tuesday. The stock has risen more than 8 percent in the last year compared to a 1.6 percent decline in the broader Nifty 50 index during the same period.

Notably, Tinplate’s merger with its parent firm Tata Steel was announced last year. Tata Steel in September 2022 said that it will combine all metal companies of the Tata Group into itself.

Under the agreement, for every 10 shares of Tinplate Company of India, investors got 33 shares of Tata Steel.

Through the merger, Tata Steel planned to focus on growth, operational efficiencies, and business synergies.

On completion of the merger, there will be further opportunities for reduction of overhead and corporate costs and each of the proposed amalgamations will be value-accretive for shareholders, it had added.

Shares of Tinplate Company of India ended 0.81 percent lower at Rs 348.55 on Tuesday.

(Edited by : Rukmani Krishna)