Tata Steel slips into red, loses Rs 2,127 cr in Q3
Tata Steel on Thursday reported a consolidated net loss of Rs 2,127.23 crore for the quarter ended December 31, 2015, hit by subdued demand in India as well as higher regulatory costs and a strong British pound. Mumbai-based firm had a net profit of Rs 157.11 crore in the year-ago period. Its consolidated income declined by 17 per cent to Rs 28,039 crore in the October-December quarter, from Rs 33,633 crore during the same quarter in 2014-15, Tata Steel said in a BSE filing.
Its total expenses more than doubled to Rs 1,224.90 crore from Rs 578 crore during the quarter under review. Steel deliveries of the company rose marginally to 6.37 million tonnes (MT) in the December quarter in 2015-16, from 6.29 mt during the same quarter in 2014-15.
“Indian steel demand remained subdued post monsoon quarter due to sluggish uptick across key steel consuming sectors like construction, general engineering and infrastructure,” Tata Steel said.