Tata Steel's Q2 net loss drops by 99% to Rs 49 crore

Tata Steel on Friday reported a consolidated net loss of Rs 49.38 crore for the second quarter ended September 30, 2016-17, a drop of 99.11%.

It had posted net profit of Rs 5,609.43 crore in the same quarter of last fiscal 2015-16. The total consolidated income of the steel giant rose marginally to Rs 27,471.15 crore in July-September quarter of the current fiscal, from Rs 27,456.30 crore a year ago.

The firm's total expenses were however lower at Rs 25,968.85 crore, as against Rs 26,988.65 crore.

On a quarter-on-quarter basis, the firm managed to narrow its net loss. Tata Steel had reported consolidated net loss of Rs 3,183.07 crore in the April-June quarter.

Total consolidated income rose 4% sequentially from Rs 26,406.10 crore in June quarter this fiscal to Rs 27,471.15 crore in September quarter.

Tata Steel said it has been directed by promoter, Tata Sons, to convene an extraordinary general meeting (EGM) to remove the steel major's Chairman Cyrus P Mistry and independent director Nusli N Wadia.

On Friday, the shares of the company closed at Rs 426.85 per piece, down 2.29%, or Rs 10 on BSE.