Tata Steel Q1 net jumps more than 2-fold to Rs 763 cr

Tata Steel on Tuesday reported an over two-fold jump in its consolidated net profit at Rs 762.96 crore for the April-June quarter of this fiscal, helped by lower expenses. The Mumbai-based steel giant had clocked a net profit of Rs 337.33 crore in the corresponding quarter last fiscal, it said in a Bombay Stock Exchange (BS) filing. 

Its consolidated total income, however, fell by 17 per cent to Rs 30,300.33 crore during the April-June quarter of this fiscal from Rs 36,427.21 crore in the same period a year ago. Tata Steel’s total expenses fell by 14 per cent to Rs 28,872.59 crore from Rs 33,704.92 crore in the year-ago period. 

The firm had reported a net loss of Rs 5,674 crore in the January-March quarter of 2014-15 fiscal. Shares of the company declined by 5.46 <g data-gr-id="18">per cent</g> to settle at Rs 246.90 apiece on the Bombay Stock Exchange.