Tata Steel Q3 net profit cools 69% on subdued domestic ops
7 Feb 2015 12:33 AM GMT
Notwithstanding an improved show by its European operations, Tata Steel on Friday reported a 69 per cent dip in consolidated net profit for the October-December quarter at Rs 157 crore impacted by subdued performance of its Indian unit, which has always been its cash-cow.
The company had clocked Rs 503 crore net profit after taxes, minority interest and share of profit of
the associates during the October-December quarter of the last fiscal.
The third quarter performance was affected by adverse macro headwinds in terms of declining commodity prices, increasing in Chinese exports and lower demand in the Indian market.
The company continues to closely monitor its investment portfolio to pursue its strategy of
monetising non-core assets, Tata Steel’s Group Executive Director (Finance and Corporate) Koushik
Chatterjee said.
The company had clocked Rs 503 crore net profit after taxes, minority interest and share of profit of
the associates during the October-December quarter of the last fiscal.
The third quarter performance was affected by adverse macro headwinds in terms of declining commodity prices, increasing in Chinese exports and lower demand in the Indian market.
The company continues to closely monitor its investment portfolio to pursue its strategy of
monetising non-core assets, Tata Steel’s Group Executive Director (Finance and Corporate) Koushik
Chatterjee said.
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