Tata Steel Last Quarter Net Profit Jumps Five-Fold
By Debiprasad Nayak
MUMBAI--Tata Steel, one of the world's biggest steelmakers, reported a five-fold jump in its net profit during the last quarter on better revenue growth.
The company, which has operations in India as well as Europe, posted a net profit of INR11.36 billion ($176 million) during the three months ended Dec 31, compared with INR2.32 billion a year ago. However, it was below the INR13.92 billion estimated by analysts polled by Thomson Reuters.
Its revenue rose 14.5% to INR331 billion.
The company had been struggling earlier to reduce losses at its European operations. However, the company recently signed a deal with Thyssenkrupp for a merger of some of its operations in Europe.
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(END) Dow Jones Newswires
February 09, 2018 05:55 ET (10:55 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.