Tata Steel's balance sheet has slipped into the red, as country's largest steel-maker has recorded the net loss of Rs 1,615.35 crore for the January-March quarter, news agency PTI reported. Tata Steel's total consolidated income dropped to Rs 35,085.86 crore in January-March 2020, from Rs 42,913.73 crore in the same quarter in the fiscal before that.

Total expenses of the company were reported at Rs 33,272.29 Crore during the Jan-March quarter as against Rs 38,728.87 crore in 2019 during same quarter. Tata steel has been significantly hit by the COVID crisis and the lockdown to control the same.

Its operations had to be scaled down in various steel-making facilities in the country, alongside its overseas operations in which substantial layoffs took place in Europe, South East Asia and Canada.

In a statement given to Economic Times, Tata steel said that its operations have been vigorously hit by the COVID-lockdown is most countries where Group operates its steel-making business.

"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," the country's largest steel-making firm said.

The company also said that it’s operating wherever it can with respect to the local guidelines. "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" Livemint quoted Tata Steel as saying.

Shares of Tata Steel closed at Rs 321.25 apiece, 0.82 per cent down from its previous close on the Bombay Stock Exchange. The Quarter-four results, however, were reported by the company after the business hours of Mumbai’s Dalal Street.

Posted By: Shashikant Sharma