Country’s biggest steel producer, Tata Steel, reported a consolidated quarterly net loss owing to lower demand and weak performance of its European unit Corus.
Tata Steel’s net loss was Rs 2,719.80 crore for the quarter ended September 30, as against net profit of Rs 4,703.64 crore in the corresponding quarter the previous year.
Corus, which provides more than two-third of Tata Steel’s output, saw lower demand from clients due to the global recession.
When the group announced its standalone audited results last month on October 27, it had reported a net profit of Rs 1,349.91 crore.
Following the result announcement, the company’s share fell by 3.34 per cent and settled at Rs 543.45 on Bombay Stock Exchange.
The consolidated net sales too dipped 42.63 per cent for the quarter. The company reported Rs 25,269.82 crore net sales for the quarter ending September 30.
Tata Steel was in red even for the first half of the current financial year with a net loss of Rs 4,958.33 crore. Half yearly sales too were down by 44.58 per cent to Rs 48,450.33 crore.