Tata Steel on Monday reported net loss of Rs 2,502 crore for the quarter ended December 31, 2022 as against net profit of Rs 9,598 crore in the year-ago period on account of higher expenses. The company's revenue from operations fell 6% to Rs 57,084 crore in Q3FY23 as compared to Rs 60,783 crore in Q3FY22.
T V Narendran, Chief Executive Officer & Managing Director, said: “Tata Steel has delivered steady growth in India volumes despite the volatile operating environment. Domestic deliveries stood at around 13.7 million tons in the first nine months of the financial year and were up 4% YoY. Broad based growth was witnessed across most segments. For the quarter, domestic deliveries were up 11% YoY and grew at a faster pace than India apparent steel consumption aiding in retaining market leadership position across chosen segments. Our crude steel production touched 5 million tons in 3QFY23 for the first time in India, with Neelachal Ispat Nigam limited commencing operations.
Net debt stood at Rs 71,706 crore, with net debt to EBITDA at 1.76x and net debt to equity at 0.65x.
On Monday, the company's scrip on BSE closed 2% lower at Rs 117.6.
Tata Steel reported loss as the British Steel Pension Scheme (BSPS) with Tata Steel UK as sponsor has completed a substantial part of its de-risking journey with 60% of its liabilities insured. The buy-in transaction along with actuarial movements has resulted in a non-cash deferred tax expense of Rs 1,783 crore and increased the overall deferred tax expense for the quarter to Rs 2,150 crore, said the steelmaker in a stock exchange filing.
Tata Steel Group is among the top global steel companies with an annual capacity of 34 MT.