GET Stock QuotesNews18 APP
News18 English
»
1-min read

Tata Steel First-quarter Profit More Than Doubles, Lags Forecasts

According to Tata, Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier.

Reuters

Updated:August 13, 2018, 8:12 PM IST
facebookTwittergoogleskypewhatsapp
Tata Steel First-quarter Profit More Than Doubles, Lags Forecasts
A general view shows the Tata Steel works in Scunthorpe, northern England. REUTERS
Loading...
Tata Steel Ltd's quarterly net profit more than doubled, but still came in well below market expectations, hurt by rising expenses and a one-off charge.

India's biggest steel producer by assets said it took a one-time charge of 3.44 billion rupees on a consolidated basis. The bulk of this came from an exceptional charge of 3.35 billion rupees at its Indian business, mainly due to a provision made for additional interest on differential royalty paid on coal.

Net profit was 19.34 billion rupees ($276 million) in the three months to the end of June, compared to a profit of 9.21 billion rupees a year earlier. That compared with the analyst estimate of a profit of 26.44 billion rupees, according to Thomson Reuters I/B/E/S.

Tata recently agreed a joint venture with Germany's Thyssenkrupp creating Europe's number two steelmaker, after two years of negotiations, hoping it would help them respond to a volatile steel industry.

Steel deliveries rose over 12 percent to 6.55 million tonnes, while Tata Steel India posted a rise of about 7.9 percent in total steel deliveries for the quarter.

Tata Steel said total revenue from operations rose 22.1 percent to 378.33 billion rupees, while total expenses rose about 21 percent.

Tata Steel which picked up a controlling stake in debt-laden Bhushan Steel Ltd to increase its capacity in India, said it has launched a program to boost synergies with Bhushan.

Bhushan Steel, which was among a dozen companies pushed to bankruptcy court last year amid a government drive to clear a mountain of bad loans choking credit at Indian banks, has an annual steel making capacity of about 5.6 million tonnes.
| Edited by: Naqshib Nisar
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Dewan Housing 350.55 -260.00 -42.58
Reliance 1,217.50 +6.75 +0.56
Axis Bank 599.20 -9.60 -1.58
Tata Steel 625.15 +3.95 +0.64
Company Price Change %Gain
Dewan Housing 351.55 -259.05 -42.43
Yes Bank 227.05 -91.45 -28.71
Maruti Suzuki 8,039.55 -167.45 -2.04
Indiabulls Hsg 1,061.90 -94.60 -8.18
Oracle Fin Serv 4,031.30 -71.85 -1.75
Top Gainers
Company Price Change %Gain
Bharti Infratel 281.20 +10.30 +3.80
BPCL 376.50 +11.45 +3.14
IOC 158.15 +4.60 +3.00
HPCL 258.00 +6.65 +2.65
Hindalco 240.40 +4.75 +2.02
Company Price Change %Gain
ONGC 180.10 +3.45 +1.95
Wipro 337.35 +4.60 +1.38
ITC 303.75 +4.10 +1.37
TCS 2,103.80 +26.90 +1.30
Asian Paints 1,303.10 +13.75 +1.07
Top Losers
Company Price Change %Gain
Yes Bank 226.50 -92.70 -29.04
Indiabulls Hsg 1,062.15 -97.10 -8.38
Bajaj Finance 2,379.40 -120.15 -4.81
Tech Mahindra 738.05 -31.90 -4.14
UPL 665.80 -26.50 -3.83
Company Price Change %Gain
Yes Bank 227.05 -91.45 -28.71
Kotak Mahindra 1,179.65 -47.35 -3.86
Adani Ports 362.00 -10.95 -2.94
IndusInd Bank 1,761.70 -42.90 -2.38
Maruti Suzuki 8,039.55 -167.45 -2.04

Live TV

Loading...
Loading...