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Tata Steel Ltd on Tuesday posted a 17 per cent drop in consolidated net sales for the April-June quarter, as a flood of cheaper imports hit steel prices.
The company’s net profit for the period ended June 30 more than doubled to Rs 763 crore ($118.82 million), on a consolidated basis, from Rs 337 crore a year earlier.
The profit was helped by a one-time gain of Rs 158 crore compared with a charge of Rs 262 crore in the year-ago quarter.
Consolidated net sales for the quarter fell to Rs 2,990 crore. ($1 = 64.2150 Indian rupees)
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