Mumbai: Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.
Net profit after minority interest and share of associates was Rs 598 crore for the quarter ended June, compared with a profit of Rs 5,350 crore, including one-time gains of about Rs 4,000 crore, a year earlier.
A Reuters poll of brokerages had forecast net profit of Rs 670 crore.
Shares in Tata Steel, valued at $7 billion, closed down 1.2 per cent ahead of the results.
Copyright: Thomson Reuters 2012
Net profit after minority interest and share of associates was Rs 598 crore for the quarter ended June, compared with a profit of Rs 5,350 crore, including one-time gains of about Rs 4,000 crore, a year earlier.
A Reuters poll of brokerages had forecast net profit of Rs 670 crore.
Shares in Tata Steel, valued at $7 billion, closed down 1.2 per cent ahead of the results.
Copyright: Thomson Reuters 2012
