Tata Steel reports consolidated net loss of Rs2,009 crore in FY10
26 May 2010
Tata Steel today reported a consolidated after-tax net loss (after minority interest and share of profit of associates) of Rs2,009 crore ($447 million) for the 2009-10 financial year, compared with a profit after tax (after minority interest and share of associates) of Rs4,950 crore ($1,102 million) in FY'09.
Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) of the group stood at Rs9,340 crore ($2,079 million) in FY'10 compared with Rs18,497 crore ($4,118 million) in FY'09.
Tata Steel, however, saw a 416 per cent quarter-on-quarter rise in its after-tax profit, at Rs2,434 crore ($542 million), against Rs473 crore ($105 million) reported in the third quarter of the 2009-10 financial year.
The group's (EBITDA) in the fourth quarter (Q4-FY'10) rose 57 per cent to Rs5,333 crore ($1,187 million) over Rs3,401 crore ($757 million) in the third quarter of the financial year (Q3-FY'10).
Tata Steel group reported a major improvement in profitability in the second half (H2- FY'10), with consolidated EBITDA of Rs8,734 crore ($1,944 million) almost 15 times higher than the Rs606 crore ($135 million) reported in H1-FY'10, according to audited consolidated group financial results for the financial year ending 31 March 2010.
The group recorded an after-tax profit (after minority interest and share of profit of associates) of Rs2,907 crore ($647 million) in H2-FY'10 compared with a loss of Rs4,916 crore ($1,095 million) in H1-FY'10.