Mumbai: Tata Steel on Monday reported nearly 89 percent decline in consolidated net profit at Rs 597.88 crore for the first quarter ended June 30, 2012.
     
The profit in the corresponding quarter of the previous fiscal was Rs 5,346.55 crore.
    
Net sales of the company rose by 1.89 percent to Rs 33,547.73 crore from Rs 32,925.68 crore in the April-June period of 2011-12, Tata Steel said in a filing to the BSE.
    
During the quarter under review, Tata Steel reported a total expenditure of Rs 31,725.90 crore, while its interest burden came down to Rs 969 crore from Rs 1,012.95 crore in the same period a year ago, it added.
    
The consolidated results include financial performance of Tata Steel Europe and other global ventures of the leading steelmaker, besides Indian operations.
    
On stand-alone basis (Tata Steel's Indian operations) the company reported a decline of 38.88 percent in its net profit to Rs 1,356.56 crore in the April-June quarter as compared to Rs 2,219.43 crore of the corresponding quarter of the previous fiscal.
    
Its stand-alone net sales were at Rs 8,820.19 crore, up 13.19 percent.
    
Shares of the company closed on Monday at Rs 395.65 apiece on the BSE, down 1.19 percent from the previous close.

(Agencies)

Latest News  from Business News Desk