Tata Steel First-quarter Profit More Than Doubles, Lags Forecasts
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Indian steelmaker Tata Steel Ltd said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge.
Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier, Tata said.
Analysts on average had expected a net profit of 26.44 billion rupees, according to Thomson Reuters.
The company said it had a one time charge of 3.35 billion rupees.
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| Edited by: Naqshib Nisar
Source: News18