The combination of lower prices of steel, higher costs of raw material and poor demand made Tata Steel to report a consolidated loss of Rs 363.93 crore for the three months through September 30, against a net profit of Rs 212.43 crore in the corresponding period previous fiscal.

Consolidated net sales jumped from Rs 32,507 crore to Rs 33,867 crore year-on-year; while earnings before interest, tax, depreciation & amortization (EBITDA) slipped from Rs 3,021 to Rs 2,452 crore. EBITDA margins stood at 7.2 per cent.

Net sales of Tata Steel India, on a standalone basis, increased from Rs 8,142 crore to Rs 9,034 crore over the same period. But standalone net profit slipped from Rs 1,495.22 crore to Rs 1,350.81 crore. EBITDA stood at Rs 2,669 crore.

The raw material costs jumped from Rs 1,889.04 crore to Rs 2,537.16 crore, on account of higher coal prices. On the other hand, prices of steel dropped by 4-6 per cent on account of declining international rates and poor demand.

Tata Steel Managing Director M. Nerurkar said, "The Indian operations continued their steady performance against a backdrop of lacklustre demand in the marketplace and increasing imports."

At the end of the September quarter, Tata Steel Group's net debt stood at Rs 55,167 crore, up from Rs 47, 657 crore at the end of March quarter.

Meanwhile, the Tata Steel board has appointed Cyrus Mistry as Deputy Chairman of the company and Chairman-designate of the company upon the retirement of Ratan Tata in December this year.