Tata Steel posts profit of Rs 917 crore in Q2, beats estimates

Tata Steel Ltd, India's biggest steel company by market value and second-largest producer in Europe, swung to a sharply-higher-than-expected fiscal second-quarter profit.

The company has raised prices and gained market share at home as a weak rupee curbed imports.

July-September consolidated net profit, after minority interest and share of associates, was Rs 917 crore, compared with a loss of Rs 364 crore a year earlier, it said on Wednesday.

Net sales at the company, the second-largest steel producer in Europe, rose 7.4 per cent to Rs 36,370 crore.

Analysts were expecting a profit of Rs 367 crore on revenue of Rs 33,274 crore, according to Thomson Reuters.

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