Compared to a profit of INR 9,572.67 crore in the same quarter previous year, Tata Steel recorded a consolidated net loss of INR 2,223.84 crore (USD 269 mn) for the quarter ending December 2022.
The steelmaker reported its operating revenue declined 6.08 percent year over year to INR 57,083.56 crore in an exchange filing (USD 6.9 bln).
The business claimed that the steep decline in European realizations and spreads had an impact on profits.
As raw material costs decreased, steel pricing in India remained stable, according to Koushik Chatterjee, Executive Director & Chief Financial Officer of Tata Steel. "While this helped standalone operations' margins rise from about 16 percent in Q2 to 18 percent in Q3, margin compression was observed in European operations as a result of reduced realizations and higher input costs."
In the period from October through December 2022–2023, Tata Steel's combined steel output decreased from 7.76 million tons the previous year to 7.56 million tons. Deliveries increased by 11% to 7.15 million tons compared to 7.01 million tons in the same period last year.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only