Auditor flags Tata Steel Europe's ability to carry on as going concern

The operational revenue of Tata Sons fell by 62% to Rs 9,460.24 crore in FY21 as against Rs 24,770.46 crore reported in the previous year

The auditor of Tata Sons has drawn the attention of the company’s shareholders regarding material uncertainty related to the going concern status of Tata Steel Europe, a subsidiary of Tata Steel.
 
“We draw your attention to the consolidated financial statements regarding adequacy of the disclosure made concerning Tata Steel Europe’s ability to continue as a going concern. The Covid-19 pandemic will require Tata Steel Europe to access group company support to meet its obligations as they fall due. Tata Steel Europe has received a letter from TS Global Pro­curement Company undertaking to provide working capital and/or other cash support