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Tata Steel posts Q4 net loss of Rs 3,279cr; Sales at Rs 29,507cr
Tata Steel said it posted fourth quarter consolidated revenues of Rs 29,507 crore (down 12.4 percent from Rs 33,666 crore year-on-year), EBITDA of Rs 2,270 crore (up 43.7 percent from Rs 1,580 crore) and a net loss of Rs 3,279 crore (compared to Rs 5,702 crore).
Revenues and net loss were worse than analysts' estimates, which expected the company to post a loss of Rs 870 crore on revenues of Rs 30,813 crore.
EBITDA was ahead of estimates of Rs 1,430 crore. The company said its operating performance remained strong, especially in the India business, and that fourth quarter earnings were impacted due to one-off costs associated with the UK business, such as impairment of non-current assets (Rs 1,724 crore), employee separation compensation (Rs 239 crore) and restructuring and other provisions (Rs 856 crore), among others.