Mumbai: Tata Steel posted a bigger-than-expected drop in quarterly profit, hit by weak prices and lower volumes in its main European market.
Tata, the world’s no. 7 steelmaker, reported net profit after minority interest and share of associates, of Rs 433 crore for its fiscal fourth quarter ended March.
A year earlier, it had posted profit of Rs 4,176 crore, but this included a one-time gain of about Rs 2280 cr0re on sale of a plant in England.
A Reuters poll of brokerages had forecast quarterly net profit of Rs 1,03o crore for the March quarter.
Shares in Tata Steel, valued at $7.2 billion, closed down 1.5 percent ahead of the results.