Mumbai: Tata Steel Ltd, the world’s No. 8 steel maker, posted a 42% fall in consolidated quarterly profit as operations of European unit Corus and lower prices weighed, but beat market expectations.
Tata Steel reported a net profit of Rs472 crore ($101.9 million) in its fiscal third quarter ended December, compared with a consolidated net profit after minority interest and share of profit of associates of Rs814 crore reported a year ago.
Consolidated net sales for October-December fell to Rs26,069 crore from Rs32,515 crore reported a year earlier.
A Reuters poll of brokerages had forecast a net profit of Rs175 crore, on net sales of Rs26,870 crore.
Shares in the company, valued at $10.3 billion, nearly trebled last year, easily beating an 81% gain on the BSE.