Tata Steel Q2 net up 50.1%, beats forecast

Tata Steel Q2 net up 50.1%, beats forecast

Mumbai: Tata Steel Ltd, the world’s No.6 steel maker, reported a forecast beating 50.1% rise in quarterly profit from its Indian operation on higher volume and better product mix.

Tata Steel, which bought Anglo-Dutch firm Corus Group for nearly $13 billion last year, said that its standalone net profit rose to Rs17.88 billion ($358 million) for the fiscal second quarter ended September from Rs11.91 billion a year earlier.

Net sales rose to Rs67.44 billion from Rs47.85 billion.

A Reuters poll of 12 analysts had forecast a standalone net profit of Rs16.53 billion on sales of Rs66.01 billion.

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