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Tinplate Company of India Ltd. on Tuesday reported a net loss of over Rs 35 crore for the quarter that ended in September 2022.

For the quarter ending in September 2021, the company reported a net profit of Rs 74.93 crore.

Shares of Tinplate Company of India Ltd fell as much as 1.6 percent on Wednesday but managed to recover the drop by noon. The stock is also trading on higher volumes with the number of shares changing hands up by more than 1.5 times the average volume.

Sales for the quarter remained flat at Rs 959.55 crore compared to the base quarter, when they were Rs 976.83 crore.

The company slipped into the red on the operational front, reporting an EBITDA loss of Rs 40.3 crore, compared to an operating profit of Rs 107 crore last year.

The company reported earnings per share (EPS) of Rs 3.35 for the second quarter as compared to Rs 7.16 for the year-ago quarter.

Tinplate is among the seven companies of the Tata Group that will merge with parent company Tata Steel, as announced on September 26 this year. Shareholders of Tinplate will receive 33 shares of Tata Steel for every 10 shares they hold.

(Edited by : Rukmani Krishna)