Homegrown steel major Tata Steel on Monday reported a net loss of Rs 2,502 crore for the third quarter ended December 31, 2022, on account of higher expenses.

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In the corresponding quarter last year, the company had posted a net profit of Rs 9,598 crore. A CNBC-TV18 poll had predicted a profit of Rs 1,210 crore for the quarter under review.

Total revenue stood at Rs 57,083.6 crore during the reporting quarter, down 6.1 percent against Rs 60,783 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted a revenue of Rs 54,200 crore for the quarter under review.

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At the operating level, EBITDA declined 74.5 percent to Rs 4,047.9 crore in the third quarter of this fiscal, over Rs 15,897 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 7.1 percent in the reporting quarter as compared to 26.2 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation and amortisation.

T V Narendran, chief executive officer and managing director, said Tata Steel has delivered steady growth in India volumes despite the volatile operating environment. Domestic deliveries stood at around 13.7 million tonnes in the first nine months of the financial year and were up 4 percent YoY. Broad-based growth was witnessed across most segments, he said.

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Koushik Chatterjee, executive director and chief financial officer, said the consolidated revenues were up 3 percent YoY to Rs 1,80,391 crore and EBITDA stood at Rs 25,472 crore, which translates to an EBITDA margin of 14 percent. Standalone EBITDA margin was higher at 21 percent.

He said during the quarter, consolidated revenue stood at Rs 57,084 crore and EBITDA was Rs 4,154 crore. In India, steel prices were subdued even as raw material costs moved lower. Free cash flow generated for the quarter stood at Rs 1,588 crores largely due to favourable movement in working capital.