- Tata Steel reported a consolidated net loss of Rs 6,511 crore for the second quarter of 2023-24, a significant decline compared to the net profit of Rs 1,297 crore in the same period a year ago.
- The loss was primarily attributed to the weak performance of the company’s European operations, which had a negative impact on the overall financial results.
- Analysts had expected Tata Steel to report a consolidated loss of around Rs 700 crore, indicating that the actual loss was considerably higher than their projections.
- The consolidated total revenue from operations for the quarter was Rs 55,681 crore, down from Rs 59,877 crore in the same period the previous year.
- Analysts had estimated the net revenue to be around Rs 54,138.60 crore, suggesting that the reported revenue was slightly higher than their projections.