Tata Steel on Friday posted a net loss of Rs. 363.9 crore for the July-September second quarter on poor demand and high costs in the European market, against a net profit of Rs. 212.4 crore in the corresponding quarter last year.
It posted a healthy stand-alone profit but it was
still lower by 9.7% year-on-year. The stand-alone net profit was at Rs. 1,350.8 crore in the second quarter this year against a net profit of Rs. 1,495.0 crore in the same period last year.
Tata Steel's total income increased marginally by 3.5% from Rs. 33,133 crore in the second quarter last year to Rs. 34,334 crore in the Q2 this fiscal.
Stock prices of Tata Steel closed at Rs. 391, down by Rs. 13, or 3.3%, at the Bombay Stock Exchange on Friday.
In a statement, Tata Steel also said that it has appointed Cyrus Mistry as deputy chairman of the company. Mistry would be the chairman designate to take over as chairman from Ratan Tata on the latter's retirement in December.