LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

Tata Steel reports Rs 11.68 billion net loss in Q4 on one-off charges

Tata Steel plans to sell its British business due to heavy losses and will inject 550 million pounds into the British Steel Pension Scheme.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Tata Steel reports Rs 11.68 billion net loss in Q4 on one-off charges
Waste metal is seen at Tata Steel''s new robotic welding line at their Automotive Service Centre in Wednesfield. Photo: Reuters
Written By: Reuters
Updated: Tue, May 16, 2017
08:40 pm
Mumbai, Reuters
RELATED NEWS
Tata Steel Q4 preview: Here's what to expect Tata Steel Q4 preview: Here's what to expect
Tata Steel hails new steel policy, says it will help cut cost Tata Steel hails new steel policy, says it will help cut cost
Tata Steel completes sale of its Specialty Steels business Tata Steel completes sale of its Specialty Steels business
Tata Steel Q4 production up 24 pc at 3 MT Tata Steel Q4 production up 24 pc at 3 MT
Still in talks with Thysennkrupp, Tata Steel says Still in talks with Thysennkrupp, Tata Steel says

Tata Steel Ltd on Tuesday reported an unexpected fourth-quarter loss due to one-off exceptional items, including charges relating to a deal involving the pension scheme at its businesses in Britain.

The fate of Tata's British businesses, including the country's largest steelworks at Port Talbot, has been in the air since Tata Steel said a year ago it planned to sell its British assets following heavy losses.

Under a deal, announced on Tuesday, Tata will inject 550 million pounds into the British Steel Pension Scheme subject to formal approval by regulators.

Indian-owned Tata Steel employs 11,000 people in Britain.

"We are in very positive conversation with stakeholders of British pension scheme," Managing Director, Tata Steel India and South East Asia T V Narendran told reporters on Tuesday.
The Port Talbot plant is making operational profits but needs to be sustainable, he added.

Tata Steel, which also has operations in other parts of Europe, posted a fourth-quarter net loss of Rs 11.68 billion ($182.4 million), compared with a net loss of 30.42 billion rupees a year ago.

Analysts had, on average, expected the steelmaker to post a profit of 9.07 billion rupees, according to Thomson Reuters data.

Before exceptional items, consolidated net profit from continuing operations was 33.52 billion rupees for the three months to March 31, the company said in a statement, compared with a loss of 4.53 billion rupees a year earlier.

Consolidated revenue for the quarter rose about 30% from a year earlier to 350.05 billion rupees.

The company will invest roughly 70 billion rupees on its India and UK operations, even though its major capex cycle has ended for the most part, Group Executive Director Koushik Chatterjee said.

India's push for using local steel in infrastructure projects and a nationwide sales tax are expected to boost demand and improve margins, Tata Steel said.

Revenue from its European business, which has a capacity of almost seven million tonnes each in Britain and the Netherlands, rose 17.4% to 152.43 billion rupees.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Tata Steelnet lossTata Steel net lossTata Steel Q4Tata's British businessesbritish pension schemeBritish Steel Pension SchemeEmployeesInfrastructure
RELATED NEWS
Tata Steel Q4 preview: Here's what to expect Tata Steel Q4 preview: Here's what to expect
Tata Steel hails new steel policy, says it will help cut cost Tata Steel hails new steel policy, says it will help cut cost
Tata Steel completes sale of its Specialty Steels business Tata Steel completes sale of its Specialty Steels business
Tata Steel Q4 production up 24 pc at 3 MT Tata Steel Q4 production up 24 pc at 3 MT
Still in talks with Thysennkrupp, Tata Steel says Still in talks with Thysennkrupp, Tata Steel says

LATEST NEWS

Upstox customers alert! Very important security breach message for you from your broking firm

Vakeel Saab Collection: Blockbuster! Pawan Kalyan comeback movie sets box office on fire!

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

PM Narendra Modi says 'Tika Utsav' beginning of second big war on COVID-19

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

Indian Railway Stations Development Corporation (IRSDC) invites e-Request for Proposal (RFP) for this railway station development

MASSIVE! Top 10 best-selling smartphones: Apple grabs 6 places - These 3 iPhones contribute to 71% sales in Jan 2021

Vakeel Saab Review: What Superstar Mahesh Babu said for Power Star Pawan Kalyan blockbuster movie

Aramco signs $12.4 bn infra investment deal with EIG-led consortium

Amazing investment strategy to enjoy life after retirement! This is the right approach to achieve solid financial stability

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved