Tata Steel Sept quarter profit beats forecasts

Tata Steel Sept quarter profit beats forecasts

Mumbai:Tata Steel , the world’s seventh-largest steel maker by output, on Friday said September quarter net profit beat forecasts on stronger demand at European unit Corus and strong growth at its Indian operations.

The Indian steel maker reported net profit after taxes, minority interest and share of profit of associates of Rs19.79 billion ($442 million) for its fiscal second quarter ended September, compared with a consolidated net loss of Rs27.1 billion a year ago.

Net sales were Rs280.91 billion compared with Rs252.76 billion a year earlier.

A Reuters poll of nine brokerages had forecast a net profit of Rs15.3 billion for the quarter, on net sales of Rs258.3 billion.

Shares in Tata Steel, valued at $13 billion, have risen about 2% so far in 2010, compared with a 19% rise in India’s benchmark index.