Mumbai, June 29 | Tata Steel on Monday reported a consolidated net loss of 1,095.68 crore for the January-March quarter of the 2019-20 financial year.
During the same period of FY 2018-19, the company had reported a consolidated net profit of Rs 2,430.92 crore.
The company logged a total income of Rs 35.085.86 crore during the period under review, 18.2 per cent lower on a year-on-year basis, Tata Steel said in a regulatory filing.
T.V. Narendran, Chief Executive Officer and Managing Director at Tata Steel, said: “FY20 has been a challenging year. The Indian economy slowed down in the first half with key steel consuming sectors like automotive contracting sharply. While the economy began recovering in the second half, the outbreak of Covid-19 in end March led to unprecedented disruption and heightened economic uncertainty.”
He said that the company has recalibrated its operations in line with the evolving business environment and is focused on conserving cash while actively de-risking the business.
“While deliveries in India were marred by the nationwide lockdown in late March 2020, margins improved on the back of stronger performance in the early part of the quarter. Both our acquisitions, Tata Steel BSL and Tata Steel Long Products continue to deliver improvements in operating KPIs which has translated into better profitability,” Narendran added.
He further said that Tata Steel Europe showed a turnaround in performance with positive EBITDA for the quarter