Tata Steel’s share price was tanking on Thursday morning after the company posted its results for the quarter ended September.

What Happened: Tata Steel posted a consolidated net loss of ₹6,511 crore for the September quarter, a significant contrast to the net profit of ₹1,297 crore recorded in the same period a year ago. The company faced challenges from impairment charges and declining margins in its European operations.

The steel giant’s consolidated total revenue from operations was at ₹55,681 crore, down around 7% from the ₹59,877 crore booked in the corresponding period of the previous year.

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During the July-September period, the Tata Group company disclosed an exceptional loss of ₹6,898 crore. This exceptional loss included an impairment charge of ₹2,631 crore, related to Tata Steel UK, a step-down subsidiary. Additionally, there was a charge for restructuring and other provisions of ₹3,612 crore.

EBITDA for the quarter was at ₹4,315 crore, with margins at 8%. The company’s net debt at the end of the September quarter amounted to ₹77,032 crore, and the group’s liquidity remained at ₹27,637 crore.

Reacting to the results Morgan Stanley maintained its “equal-weight” rating for the stock with a target price of ₹115.

Price Action: Tata Steel’s share price was down % to trade at ₹ at open on Thursday.

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