Tata Steel on Tuesday announced that its consolidated net loss in the January-March quarter narrowed 62 per cent on a year-on-year basis – from Rs 3,042 crore in the same quarter the previous year to Rs 1,168 crore. The result came as a surprise as there had been a consensus forecast of a Rs 9,070 crore net profit.
The company’s total income during the quarter stood at Rs 35,457 crore, against Rs 27,195 crore in the year-ago period.
The company reported an expenditure on exceptional items, including non-cash pension curtailment charges, aggregated to Rs 4,069 crore in the January-March quarter of 2016-17.
Accounting for exceptional items in consolidated financial statements includes accounting treatment from closure of defined benefit section of BSPS to future accruals in March 2017.
The company’s Kalinganagar facility is well-positioned to serve the expected increase in demand in 2017-18 and beyond, Tata Steel said.