Shares of Tata Steel fell 1.10% to close at ₹569.20 on BSE on Monday. Photo: Bloomberg
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 ₹1,934 crore ($276 million) in the quarter ended 30 June, 2018, compared to a profit of ₹921 crore a year earlier, Tata said.
Analysts on average had expected a net profit of ₹2,644 crore, according to Thomson Reuters I/B/E/S.
The company said it had a one time charge of ₹335 crore.
Shares of Tata Steel fell 1.10% to close at ₹569.20 on BSE on Monday.