Tata Steel on Monday posted a consolidated net loss of Rs 1,095.68 crore for the quarter ended March 31. The company had reported a net profit of Rs 2,430.92 crore in the corresponding quarter last year.
Consolidated revenue of the company declined 20.40 per cent YoY to Rs 33,769.95 crore in Q4FY20 over Rs 42,423.86 crore in Q4FY19.
The board recommended a dividend of Rs 10 per ordinary share of Rs 10 each and Rs 2.504 per partly paid ordinary share for the financial year ended March 31.
Operations at the group’s steel making facilities in India have been scaled down from the end week of March 2020 due to the lockdown, Tata Steel said. It further added that the group’s overseas operations in Europe, South East Asia and Canada have also been scaled down over various periods and are being operated as per the local guidelines, wherever permitted.
“The lockdown has adversely impacted the group’s sales volume, mix and realisations in the various geographies it operates. During the current quarter, such impact was limited only to the later part of March 2020. However, with the continuance of lockdown during the first quarter of the financial year 2021, the group’s operation remained adversely impacted,” Tata Steel said.
The company posted an exceptional loss of Rs 3,405.85 crore during the quarter under review against net profit of Rs 11.49 crore in the same period last year.
The company announced its results post market hours. Earlier, the scrip closed 0.82 per cent down at Rs 321.25, while the benchmark BSE Sensex settled nearly 210 points or 0.60 per cent lower at 34,961.