Categories AlphaGraphs, Earnings, Industrials

Tata Steel delivered a net loss of 126% in Q3FY23

Steel major Tata Steel on Monday reported a surprise consolidated net loss of ₹2,502 crore for the third quarter ending 31 December, 2022 (Q3FY23). This is a decline of 126% from ₹9,598 crore profit posted in the corresponding quarter of last year.

The steel production company’s revenue from operations declined 6% to ₹57,083.56 crore for the period under review as as compared to ₹60,783 crore in the year-ago period. The steel major’s expenses rose to ₹57,172.02 crore in the quarter under review from ₹48,666.02 crore in the year-ago period. Consolidated EBITDA came in at ₹4,154 crore for the December quarter, with an EBITDA margin of 7%. The profitability was affected by sharp drop in realisations and spreads in Europe.

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