Tata Steel clocks Rs 917 cr net profit in Q2

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Tata Steel had clocked Rs 1,139 crore net profit in the first quarter of the current fiscal. Reuters Tata Steel had clocked Rs 1,139 crore net profit in the first quarter of the current fiscal. Reuters
SummaryTata Steel had reported a net loss of Rs 363.93 crore in the year ago period.

Tata Steel today reported Rs 916.77 crore consolidated net profit for the July-September quarter of the current fiscal on higher income.

The steel major had reported a net loss of Rs 363.93 crore in the year ago period.

Total income of Tata Steel rose to Rs 36,644.89 crore in the reporting quarter against Rs 34,132.73 crore clocked in the same quarter last fiscal, it said in a BSE filing.

The steel major had clocked Rs 1,139 crore net profit in the first quarter of the current fiscal.

Total expenses, however, also went up to Rs 34,383.53 crore from Rs 33,157.59 crore a year earlier. The rise in expenses is mainly because of higher raw material consumption and freight charges.

During the July-September period, Tata Steel consumed raw material worth Rs 11,567 crore compared to 10,534.88 crore a year ago.

Freight charges increased to Rs 2,146 crore from Rs 1,795.19 crore.

India's Tata Steel Q2 profit $144 mln, beats estimates

(Reuters) Tata Steel Ltd, India's biggest steel company by market value and second-largest producer in Europe, swung to a sharply-higher-than-expected fiscal second-quarter profit.

The company has raised prices and gained market share at home as a weak rupee curbed imports.

July-September consolidated net profit, after minority interest and share of associates, was 9.17 billion rupees ($144 million), compared with a loss of 3.64 billion rupees a year earlier, it said on Wednesday.

Net sales at the company, the second-largest steel producer in Europe, rose 7.4 per cent to 363.7 billion rupees.

Analysts were expecting a profit of 3.67 billion rupees on revenue of 332.74 billion rupees, according to a leading news website.

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