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इंडियन आवाज़     30 May 2024 02:09:03      انڈین آواز

Tata Steel Q2 results shows net loss of ₹6,196 crore

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AMN / BIZ DESK
Tata Steel reported a big loss of ₹ 6,196.24 crore in the September quarter of FY24.Company reported consolidated net loss of ₹6,196.24 crore (attributable to owners of the company) in July-September quarter of FY23-24. The steel maker had reported a consolidated net profit of ₹633.95 crore in the September quarter of FY23.

Its total revenue from operations declined by 7% YoY to ₹55,681.93 crore in September quarter of FY24, against ₹59,877.52 crore in the September quarter of FY23.

According to the industry experts, the company was expected to report a sharp decline in its profitability due to Tata Steel Europe which was expected to report losses due to poor volumes and realization. Tata Steel’s consolidated revenue in the quarter ended September 2023 is expected to fall 6% to ₹56,285, according to analysts estimates.

“India business generated a higher margin of around 20% and EBITDA stood at Rs 6,841 crore. In Europe, margins moderated especially in UK business while Netherlands business was broadly stable on a quarter-on-quarter (QoQ basis). Revenue per ton was lower in both geographies. However, improved costs in the Netherlands led to broadly similar margins,” Koushik Chatterjee, Executive Director and Chief Financial Officer, said in a statement.

Ahead of the results, shares of Tata Steel closed at Rs 116.60 on November 1 on BSE, down 1.8 percent from the previous close.

The company said that it has assessed the potential impact of the Electric Arc Furnace route (EAF) based decarbonisation project and restructuring in Tata Steel UK (TSUK). Subsequently, it has undertaken an impairment charge of Rs 12,560 crore in standalone financial statements and Rs 2,746 crore in consolidated financial statements. Tata Steel continued to flag going concern for its European business citing inadequate cash flow and liquidity.

Tata Steel has also taken a charge towards restructuring and other provisions of Rs 3,612 crore in consolidated financial statements.

“Given our plans to change the processed route for steelmaking, the existing heavy-end assets at TSUK will only be used for a defined period. Accordingly, we have taken an impairment charge of Rs 12,560 crore in the standalone financial statements. We have also taken a charge of Rs 6,358 crore in consolidated financial statements in relation to the UK business. We continue to remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows,” Chatterjee said.

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