Jamshedpur 30th June 2020: India’s largest private steel-making producer Tata Steel reported a consolidated net loss of Rs 4,166 crore due to the ongoing lockdown. Tata Steel has been significantly hit by the COVID-19 crisis.
Earlier in 2019, the company had a net profit of Rs.9,777 crore. But due to COVID-19 lockdown, it’s operations have been strenuously hit and earned a net profit of Rs.5611 crore in the financial year 2020 with a successive loss of Rs.4,166 Cr.
“The lockdown has adversely impacted the group’s sales volume, mix, and realizations in the various geographies”.
The company posted a consolidated net loss of Rs 1,095.68 crore for the quarter ended March 31, compared with a net profit of Rs 2,430.92 crore in the corresponding quarter last year.
Consolidated revenue of the company declined 20.40 per cent year-on-year (YoY) to Rs 33,769.95 crore in Q4FY20, over Rs 42,423.86 crore in Q4FY19.
Its operations had been scaled down in various private steel producer facilities all over the country. The group’s overseas operations in Europe, South East Asia, and Canada have also been scaled down over various periods and are being operated as per the guidelines.
However, the group’s operation remained adversely impacted in the first quarter of the financial year 2021 with the continuance of such lockdown.