Tata Steel posts surprise Rs 2,224 crore net loss in December quarter

Plunge in realisations in Europe, non-cash deferred tax expense on account of British Steel Pension Scheme drag the firm into the red

Tata Steel reported a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23) on the back of a sharp drop in realisations in Europe coupled with a non-cash deferred tax expense on account of British Steel Pension Scheme. In the year-ago period, the firm had posted a net profit of Rs 9,572.67 crore.

Consolidated revenues from operations at Rs 56,756.61 crore were down 6.2 per cent from Rs 60,524.72 crore in the year-ago period, but in line with estimates. The loss, however, came in as a surprise. A Bloomberg consensus estimate had pegged revenues at Rs 56,689.9