Mumbai: Tata Steel, the world’s seventh-largest steelmaker by output, on Tuesday reported December quarter net profit more than doubled on firm demand, but lagged forecasts on lower volumes at European unit Corus and higher input costs.
The Indian steelmaker reported net profit after taxes, minority interest and share of profit of associates of Rs1003 crore ($220 million) for its fiscal third quarter ended December, compared with a consolidated net profit of Rs 473 crore a year ago.
Net sales were at Rs 28606 crore compared with Rs 26069 crore a year earlier.
A Reuters poll of brokerages had forecast a net profit of Rs 1110 crore for the quarter, on net sales of Rs 26320 crore.
Shares in Tata Steel, valued at $11.8 billion, have declined about 9% so far in 2010, compared with an about 11% fall in the Bombay Stock Exchange.