Tata Steel reports pre-tax loss of Rs 6.5 crore, net sales down 15.4%

During the quarter, the company tied up $525 million of foreign currency loans which will help lengthen the debt maturity profile

Tata Steel reported a loss of Rs 6.54 crore before tax on a consolidated basis in the September quarter (Q2) against a profit of Rs 5,411 crore in the corresponding period last year, mainly due to a fall in realisations across geographies.

The loss is after exceptional expenses that include gain on non-current investments, restructuring and other provisions, totalling Rs 33.56 crore for Q2 versus a gain of Rs 163.77 crore in year ago quarter. Even if these are excluded, the company's managed a pre-tax profit of only Rs 27.02 crore in Q2. Net sales stood at Rs 33,954 crore in