Tata Steel sinks into red, logs loss of Rs 3,337 crore in June quarter

Revenue from India operations stood at Rs9,145 crore, down 42 per cent from same period last year.

Tata Steel reported a consolidated loss before tax of  Rs3,337.64 crore in the June quarter, against a profit before tax of Rs1,819 crore in the corresponding period last year on the back lower revenues.

The consolidated net sales in the quarter gone by stood at Rs23,812 crore, down 33 per cent from same period last year led by considerable drop in net sales from India operations. India average steel realisations were lower due to the Covid impact during the quarter and about Rs2,000 crore of costs were under absorbed due to the lower volumes and have been charged to the profit