Chennai: Alloy-maker Tata Steel reported a sharp 84.37 per cent fall in consolidated net income at Rs 2,295.25 crore for the three months to March due to high base last year.
The company had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, boosted by an “exceptional” gain of Rs 11,376 crore, including a non-cash gain of Rs 14,077 crore on account of the restructuring of the British pension scheme in the March quarter of FY18, the company said.
Consolidated income rose to Rs 42,913.73 crore in the reporting quarter from Rs 33,983.74 crore a year ago. For the full fiscal 2019, consolidated net income almost halved to Rs 9,098.33 crore from Rs 17,762.81 crore, while consolidated revenue rose to Rs 1,59,089.57 crore, up from Rs 1,24,990.79 crore, the company, which after many years of being the No 2 to JSW Steel, became the largest alloy maker with an annual output of close to 20 mt in FY19.