Tata Steel profit falls 70 pc on provisions, tax expense

Tags: Companies
Steel producer Tata Steel Ltd's first quarter consolidated net profit slumped 70 per cent, hurt by provisions for impairment of non-core assets and a higher tax expense.

The company posted net income of 3.37 billion rupees($55.01 million) in the three months ended June 30, compared with 11.39 billion rupees a year earlier.

Net sales jumped 11 percent to 361.43 billion rupees, helped by an increase in European demand.

The company's management has intensified cost cuts and focused on high-margin products to boost sales at Tata Steel Europe, which contributed close to 57 percent of the company's total steel production last year.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amidst Sino-Indian bonhomie, the Tibet issue cannot be wished away

    Tibet did not figure in the three-day high-level meetings between India and the People’s Republic of China (PRC).

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture