Tata Steel Q1 profit more than doubles, lags forecasts

Posted on by KNBT

Shares of Tata Steel fell 1.10% to close at ₹569.20 on BSE on Monday. Photo: Bloomberg

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.

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