Brief by Shorts91 Newsdesk / 04:05pm on 01 Nov 2023,Wednesday Business
Tata Steel reported a huge Rs 6,511 crore consolidated loss in Q2FY24 due to one-time charges related to impairments and restructuring. This compared to a Rs 1,297 crore profit last year. Revenue declined 7% to Rs 55,682 crore versus Rs 59,878 crore in Q2FY23. CEO T V Narendran said that Tata Steel India delivered steady performance with 5 million tonnes of crude steel production and 6% higher domestic deliveries despite volatility. Auto and retail sales hit record highs. In the UK, Tata Steel plans to invest in a state-of-the-art EAF facility with government support to cut emissions. The massive loss came despite reasonable operating performance as exceptional charges hammered Tata Steel's
