Tata Steel started off the financial year 2016-17 on a weak note with the consolidated quarterly loss widening 10-fold to Rs 3,183 crore compared with Rs 317 crore in same period last fiscal.
Tata Steel started off the financial year 2016-17 on a weak note with the consolidated quarterly loss widening 10-fold to Rs 3,183 crore compared with Rs 317 crore in same period last fiscal, dented by discontinued operations (include sale of Scunthorpe assets to Greybull Capital).
"Loss from discontinued operations of Rs 3,296 crore recognised on account of divestment of Long Steel UK Limited. The sale wascompleted during the quarter," Tata Steel said, adding pre-exceptional underlying profit before tax stood at Rs 1,080 crore against loss of Rs 234 crore in preceding quarter.
Revenue also missed analysts expectations, falling 5.8 percent to Rs 26,406 crore in the quarter ended June 2016 against Rs 28,025 crore in year-ago period.
Profit was expected at Rs 292 crore on revenue of Rs 29,110 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
A CNBC-TV18 poll had estimated EBITDA at Rs 2,940 crore and margin at 10.1 percent for the quarter.
Standalone (India business) profit shot up 35.3 percent to Rs 575.43 crore and revenue grew by 1.5 percent to Rs 10,323.5 crore on yearly basis.
Tata Steel said India EBITDA stood at Rs 2,236 crore, representing margin of 22 percent expanded by 250 basis points compared with Q4FY16 due to higher realisations and focus on value added products.
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