Tata Steel BSL posts net profit of Rs 6 cr

Tata Steel BSL Ltd on Wednesday reported a consolidated net profit of Rs 5.93 crore for the quarter ended March 31. However, the company had posted a consolidated net loss of Rs 212.41 crore in the year-ago period, Tata Steel BSL Ltd said in a filing to the BSE.

The company's consolidated total income declined to Rs 4,288.87 crore, over Rs 5,547.71 crore in the year-ago period, the filing said. The company's management believes that there may not be significant impact of the COVID-19 pandemic on the financial position and performance of the Tata group in the long term, the filing said.

The group, the filing said, has carried out its initial assessment of the likely adverse impact on economic environment and financial risk for the company due to COVID-19. "The demand for the group's products are expected to be lower in the short term, though the same is not likely to have a continuing impact on the business of the Group," it added.

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