New Delhi, May 29 : Tata Steel on Wednesday reported a 64 per cent decline in its consolidated net profit at Rs 611 crore for the January-March quarter of 2023-24 as the company grapples to restructure its loss-making UK business.

Tata Steel had reported a net profit of Rs 1,705 crore in the same quarter of the previous financial year.

The company's total revenue from operations declined to Rs 58,687 crore during the fourth quarter from Rs 62,962 crore in the same period of the previous year.

Over 60 per cent of the revenue accrued from Tata Steel's operations in India.

The Tata Steel board of directors have recommended a dividend of Rs 3.60 per share and fixed June 21 as the record date to determine the eligibility of shareholders.

The dividend, if approved by the shareholders at the AGM, will be paid on and from July 19, the company said.

/IANS