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Tata Steel suffers loss of Rs 364cr

Calcutta, Nov. 9: Tata Steel has suffered a Rs 364-crore consolidated loss during the second quarter of the current fiscal on lower realisation from European operations.

The company, which sold 6.07 million tonnes of steel during the July-September quarter against 6.11 million tonnes a year ago, had clocked Rs 212 crore net profit in the second quarter of the last fiscal.

Subdued steel price in Europe not only dragged the operating profit of its European unit down to a loss of Rs 40 crore but also caused a decline in the group’s operating profit to Rs 2,453 crore from Rs 3,021 crore a year ago.

Indian operations put up a better show at Rs 2,669 crore.

“Ramp-up of the newly expanded capacity at Jamshedpur resulted in increased deliveries... primarily because of our focus on the distribution business and customer orientation,” Tata Steel managing director H.M. Nerurkar said.

Meanwhile, Tata Steel has appointed Koushik Chatterjee as a whole time director on its board. His induction means the company will have a functional director after at least three years. Prior to joining the board, he was the chief financial officer of the Tata Steel group.

Chatterjee’s appointment comes a year ahead of the completion of term by present Tata Steel managing director Hemant Nerurkar. Nerurkar had also joined the board of Tata Steel a year before B. Muthuraman stepped down as managing director.

Chatterjee today said Tata Steel had net debt worth $10.44 billion and there was no plan to raise debt immediately.

 
 
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