Tata Steel slips into red; reports Rs 1,228 cr net loss in October-December

Tata Steel on Friday reported a consolidated net loss of Rs 1,228.53 crore for the quarter ended on December 31, 2019, mainly due to lower sales and impairment provisions for its European operations.

Tata Steel had posted a consolidated net profit of Rs 1,753.07 crore during the same quarter a year ago, the company said in a BSE filing.

Its gross sales fell to Rs 34,774 crore in October-December 2019 from Rs 38,086 crore in the year-ago period.

The company's total expenses were at Rs 35,849 crore as compared to Rs 35,930 crore in the preceding fiscal.

The company also said the consolidated financial results includes provision for impairment in respect of non-current assets within the European operations.