India’s Tata Steel Limited has reported a consolidated net loss of INR 22,240 million ($268.92 million) in the third quarter (October-December) of the fiscal year 2022-23, compared to a consolidated net profit of INR 95.72 billion ($1.15 billion) in the corresponding quarter of the previous fiscal year, according to a company statement on Tuesday, February 7.
The company reported net revenues from operations at INR 570.83 billion ($6.90 billion) during the quarter, a decline of six percent year on year.
“Our deliveries during the nine-month period (April-December) of the fiscal year 2022-23 were lower due to the slowdown in demand. Recession concerns weighed on steel prices which coupled with elevated energy costs affected our performance,” chief executive officer T. V. Narendaran said regarding the company’s operations in Europe.
As regards Tata Steel’s Indian operations, he said, “We delivered steady growth in India in terms of volumes despite the volatile operating environment. Domestic sales stood at 13.7 million mt in the first nine months of this fiscal, up four percent over the corresponding period of the previous year.”