 "Tata Steel declines on disappointing Q4 results")
Tata Steel has dipped 5% to Rs 344 on the NSE in early morning trades after reporting a consolidated net loss of Rs 5,674 crore in the quarter ended March 2015 (Q4) due to a sharp decline in revenues and an exceptional loss of Rs 4,811 crore. The company had posted a profit of Rs 1,036 crore in the same quarter last year.
Total income during the quarter declined by 20.6% to Rs 33,666 crore from Rs 42,428 crore in the year-ago period, Tata Steel said in a statement.
The EBITDA or operating profit, too, almost halved to Rs 1,580 crore in the March quarter as against Rs 3,090 crore in the corresponding quarter of the previous fiscal.
Mr Koushik Chatterjee, group executive director (finance and corporate), said, “Our performance this year in India was impacted by surging imports, declining commodity prices, muted demand and regulatory uncertainties in our captive mining operations”.
Meanwhile, the company recognized a non-cash write-down of goodwill and assets in the consolidated financial results in Q4FY’15 of Rs 4,951 crore, mainly relating to the Long Products UK business in Tata Steel Europe which is now fully impaired.
Till 0930 hours, a combined 3.51 million shares changed hands on the counter on the NSE and BSE.
Total income during the quarter declined by 20.6% to Rs 33,666 crore from Rs 42,428 crore in the year-ago period, Tata Steel said in a statement.
The EBITDA or operating profit, too, almost halved to Rs 1,580 crore in the March quarter as against Rs 3,090 crore in the corresponding quarter of the previous fiscal.
Mr Koushik Chatterjee, group executive director (finance and corporate), said, “Our performance this year in India was impacted by surging imports, declining commodity prices, muted demand and regulatory uncertainties in our captive mining operations”.
Meanwhile, the company recognized a non-cash write-down of goodwill and assets in the consolidated financial results in Q4FY’15 of Rs 4,951 crore, mainly relating to the Long Products UK business in Tata Steel Europe which is now fully impaired.
Till 0930 hours, a combined 3.51 million shares changed hands on the counter on the NSE and BSE.
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