India’s Tata Steel reported a consolidated net loss of INR 22.240 billion ($268.92 million) in the third quarter (Oct-Dec) of the 2022-23 financial year, compared to a consolidated net profit of INR 95.72 billion ($1.15 billion) in the corresponding quarter from the previous fiscal year, according to the company statement on Tuesday, February 7th.
The company recorded net income from operations of 570.83 billion Indian rupees ($6.90 billion) during the designated quarter, down by 6 per cent year-on-year.
CEO T.V. Narendran said, “The company’s exports during the nine months (April-December) of the 2022-23 fiscal year were lower due to a slowdown in demand, as exports were affected by recession fears, along with higher energy costs that affected our performance, especially in Europe.
Regarding Tata Steel’s Indian operations, he said, “We have achieved steady growth in India in terms of volumes despite a volatile operating environment.
Domestic sales amounted to 13.7 million tons in the first nine months of this fiscal year, an increase of 4% compared to the same period of the previous year.