Feb 14, 2013, 10.06 AM IST
Tata Steel, largest private steel company in India, disappointed the street on Wednesday by reporting consolidated net loss of Rs 763 crore (higher-than-expected) in the thid quarter, higher by 26.6 percent compared to loss of Rs 602.7 crore in a year ago period.
Tata Steel's December quarter net loss jumped 27 percent year-on-year to Rs 763 crore as weak demand and prices in its main European market squeezed margins. However, the company said, its domestic operations remained steady despite a weak demand scenario. Other income fell to Rs 56 crore from Rs 253.7 crore year-on-year impacting financial performance
Sales declined 3.5% year-on-year to Rs 31,821 crore. Other income fell to Rs 56 crore from Rs 253.7 crore year-on-year.
Analysts on an average had expected the company to post net loss of Rs 250 crore on net sales of Rs 32,500 crore.
Shares of the company closed the day at Rs 376.15, down 2.18 percent.
H.M Nerurkar, Tata Steel's managing director in an earnings statement said that the company's Indian operations remained steady despite overall weak steel demand in domestic market. "Our continued production ramp up in Jamshedpur will boost capacity utilization levels by the end of this year," he stated.
Here is segment-wise performance of the company
European subsidiary performance
South East Asian operations
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