With strong domestic demand countering weakness in Europe, Tata Steel on January 24 turned a net loss of Rs 2,501.95 crore in the same quarter last year to a consolidated net profit of Rs 522.14 crore in the October–December quarter.
Impairment charges caused the company to post a net loss of Rs 6,511.16 crore for the second quarter.
The Tata Group company’s consolidated revenue from operations for the October–December quarter decreased by 3% to Rs 55,311.9 crore from Rs 57,083.56 crore during the same time last year. Consolidated revenue from operations decreased sequentially by 0.7 percent from Rs 55,681.93 crore in the prior quarter.
With strong domestic demand countering weakness in Europe, Tata Steel on January 24 turned a net loss of Rs 2,501.95 crore in the same quarter last year to a consolidated net profit of Rs 522.14 crore in the October–December quarter.
Impairment charges caused the company to post a net loss of Rs 6,511.16 crore for the second quarter.
The Tata Group company’s consolidated revenue from operations for the October–December quarter decreased by 3% to Rs 55,311.9 crore from Rs 57,083.56 crore during the same time last year. Consolidated revenue from operations decreased sequentially by 0.7 percent from Rs 55,681.93 crore in the prior quarter.
With strong domestic demand countering weakness in Europe, Tata Steel on January 24 turned a net loss of Rs 2,501.95 crore in the same quarter last year to a consolidated net profit of Rs 522.14 crore in the October–December quarter.
Impairment charges caused the company to post a net loss of Rs 6,511.16 crore for the second quarter.
The Tata Group company’s consolidated revenue from operations for the October–December quarter decreased by 3% to Rs 55,311.9 crore from Rs 57,083.56 crore during the same time last year. Consolidated revenue from operations decreased sequentially by 0.7 percent from Rs 55,681.93 crore in the prior quarter.
Based on the average of seven analysts’ estimates, the company was anticipated to report a consolidated net profit of Rs 702.70 crore and consolidated revenue of Rs 56,400.50 crore, with a 1.3 percent on-quarter increase driven by higher sales realisation in Indian operations and increased sales volume in India.
India’s steel industry profited from a spike in steel prices due to robust demand driven by significant government infrastructure investment; however, the profits were offset by increased coking coal costs. Because of the availability of less expensive Chinese goods on the market, the enterprises might not have been able to fully pass on the impact of growing costs.
“The global operating environment has been difficult, with geopolitics impacting commodity prices generally and the economic slowdown in China. China has been exporting 7 to 8 million tons of steel per month during this quarter, which is the most since 2015. This has had a negative effect on profitability and global steel prices, according to CEO T.V. Narendran.
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