According to the consolidated financial results released by Indian steelmaker Tata Steel Group (Tata Group) for the second quarter and first half ended on September 30 of the current Indian fiscal year, the company's net loss in the second quarter worsened by 21.5 percent over the first quarter and totaled Rupees 27.2 billion (approx. US$585.7 million), down from a net profit of Rupees 47.03 billion recorded in the corresponding period of the previous fiscal year. Meanwhile, in the first six months of the current fiscal year, the group's net loss reached Rupees 49.58 billion ($1.7 billion), down from Rupees 86.18 billion in H1 FY 2008-09.
In the second quarter of this fiscal year, the group's net sales increased nine percent over the first quarter reaching Rupees 252.7 billion ($5.44 billion), but down 42.63 percent year on year, while in the first half of the current fiscal year the group's net sales totaled Rupees 484.5 billion ($10.43 billion), declining by 44.58 percent year on year.
In the second quarter of FY 2009-10, the group's steel deliveries amounted to 6.22 million mt, increasing by 16.6 percent over the first quarter.
Also in the second quarter, Tata Steel Europe's (including Corus) turnover increased by 10 percent quarter on quarter to Rupees 167.68 billion (US$3.61 billion). In the period in question, Tata Steel Europe's liquid steel production was 3.96 million mt, up 40 percent, while its steel deliveries amounted to 3.92 million mt, up 24 percent, both compared to Q1 FY 2009-10.