Tata Steel incurs `6,511-cr loss on impairment charges

New Delhi: Tata Steel reported a consolidated net loss of Rs6,511 crore in the second quarter of 2023-24 as the company was hit by impairment charges and shrinking margins in its operations in Europe. The company had made a net profit of Rs1,297 crore in the same quarter last year. Tata Steel reported a consolidated total revenue from operations of Rs55,681 crore as against Rs59,877 crore reported in the year-ago period.

“India business generated a higher margin of around 20 per cent and EBITDA stood at Rs6,841 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.