Tata Steel reports consolidated Q1 loss at Rs 4,648 crore



Tata Metal, on August 13, reported a consolidated internet lack of Rs 4,648.13 crore for the June quarter of FY21. It had reported a lack of 1,615.35 crore within the March quarter and a revenue of Rs 714.03 crore within the June quarter of FY20.

Complete income from operations fell to Rs 24,288.51 crore in Q1 FY21 in opposition to Rs 33,769.95 crore sequentially and Rs 35,947.11 crore year-on-year.

Adjusted EBITDA got here in at Rs 1,038 crore in opposition to Rs 5,530 crore YoY and Rs 4,869 crore QoQ.

On a standalone foundation, the corporate reported a revenue of Rs 1,193.27 crore for Q1 FY21 in opposition to a revenue of Rs 1,538.99 crore YoY and a lack of Rs 436.83 crore QoQ.

The administration stated its working stage has recovered to 90 % by June 30 and has since then elevated additional to 95 %.

“India’s common metal realisations had been decrease as a result of COVID affect throughout Q1. About Rs 2,000 crore of prices had been below absorbed as a result of decrease volumes and have been charged to the revenue and loss account,” the corporate stated.

Regardless of the drop in margins, there was a discount in internet debt of Rs 1,677 crore in India, together with a discount of Rs 577 crore and Rs 291 crore at Tata Metal BSL and Tata Metal Lengthy Merchandise, respectively.

The administration stated that given the unsure financial atmosphere, it has constructed up a liquidity buffer of Rs 20,144 crore, together with Rs 14,178 crore of money and money equivalents.

Commenting on the quarterly efficiency, TV Narendran, CEO and Managing Director, stated: “We had been profitable in mitigating the affect of COVID-19 as we pivoted the enterprise in the direction of export markets and efficiently generated free money flows regardless of hostile market situations.”

Narendran stated he’s cautiously optimistic that ‘the worst is behind us’.

Koushik Chatterjee, Govt Director and CFO, stated: “Tata Metal Europe’s efficiency was affected by decrease deliveries and a pointy decline in European spreads to an unsustainably low stage. Because of this, our consolidated adjusted EBITDA dropped to Rs 1,038 crore.”

First Revealed on Aug 13, 2020 09:02 pm


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