Tata Steel BSL slips into red, posts Rs 650 cr net loss in June quarter

Tata Steel BSL Ltd on Thursday reported a consolidated net loss of Rs 650 crore in the quarter ended June 30, mainly on account of reduced income.

The company had posted a net profit of Rs 111 crore during the same quarter a year ago, Tata Steel BSL said in a BSE filing.

Total income fell to Rs 2,710 crore during the quarter under review from Rs 4,359 crore in the year-ago quarter.

The company's total expenses stood at Rs 3,360 crore as compared with Rs 4,318 crore in April-June of 2019-20 fiscal.

Tata Steel BSL further said the outbreak of Covid-19 pandemic and ensuing mobility restrictions to ensure the health and safety of employees and other stakeholders impacted the company's crude steel production during April, May, and part of June 2020.

Crude steel production during June quarter stood at 0.66 million tonnes.

"During the quarter ended June 30, 2020, the company incurred fixed production overheads (including depreciation) amounting to Rs 681 crore," it said.