Tata Steel reported a consolidated net loss of ₹1,229 crore for the third quarter compared to a profit of ₹1,753 crore a year earlier.
The loss was reported on an 8.6% fall in revenues to ₹35,520 crore on the back of a decline in steel prices.
Mr. T.V. Narendran, CEO and MD, Tata Steel, said, “Tata Steel delivered strong growth in volumes despite poor macroeconomic conditions in India as well as globally. In India, our business model helped us counter the slowdown as we successfully penetrated new markets and expanded our customer universe. However, our European operations made a loss as it felt the brunt of the overall slowdown and the consequent shrinking of spreads.”
Tata Steel’s European revenue fell to ₹13,821 crore in the third quarter primarily due to a sharp decline in European steel prices. India revenue was at ₹21,299 crore.
Koushik Chatterjee, ED and CFO, said, “Economic conditions remained... challenging during the quarter which impacted the overall business performance. Tata Steel Europe reported a loss of ₹956 crore at EBITDA level primarily due to £75/t decline in realisations.”