ADVERTISEMENT

Tata Steel June quarter profit nearly doubles on lower costs

Tata Steel June quarter profit nearly doubles on lower costs

Tata Steel Ltd's quarterly profit nearly doubled as costs at India's top steel maker by market value fell sharply, making up for a dip in sales.

Net income rose to Rs 1,139 crore from Rs 598 crore a year earlier.

Net sales fell 3 per cent to Rs 32,805 crore due to lower prices in the quarter ended June, 2013.

Two-thirds of Tata Steel's 27 million tonne annual capacity is in Europe, and chairman Cyrus Mistry said in June that volatile raw material prices and weak demand in key markets would be "challenging" for the company over the next two years.

Copyright @ Thomson Reuters 2013