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.

EDITORIAL OF THE DAY

  • Mental illness needs to be treated not dismissed as madness

    We’re all mad here.” So said the Cheshire cat to Alice (Alice in Wonderland, Lewis Carol). It’s a matter of perspective who we call mad.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Sanskrit: a victim of academic schizophrenia

J Robert Oppenheimer, the father of the atomic bomb and ...

Zehra Naqvi

God save the child

Childhood is supposed to be the best phase in life. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture