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Tata Steel BSL Posts Loss in April June Quarter

Steel News - Published on Fri, 31 Jul 2020

Image Source: Tata Steel BSL
Tata Steel BSL Ltd on has reported a consolidated net loss of INR 650 crore in the quarter ended June 30, mainly on account of reduced income as compared to net profit of Rs 111 crore during the same quarter a year ago. Total income fell to INR 2,710 crore during the quarter under review from INR 4,359 crore in the year-ago quarter. Crude steel production during the quarter ended June 30, 2020 was 0.66 million tonnes which is lower than the normal capacity utilization in previous periods (year ended March 31, 2020: 4.47 million tonnes; quarter ended March 31, 2020: 1.12 million tonnes; quarter ended June 30,2019: 1.12 million tonnes).

The Company has started ramping up its steel making operations at Angul in the second half of June 2020 and the downstream facilities are also being ramped up progressively. Further, the Management believes that there may not be significant impact of Covid-19 pandemic on the financial position and performance of the Company, in the longterm.

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Posted By : Yogender Pancholi on Fri, 31 Jul 2020
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