Tata Steel, on Monday, reported a nearly 89 per cent decline in consolidated net profit at Rs.597.88 crore for the first quarter ended June 30, 2012. The profit in the corresponding quarter of the previous fiscal was Rs.5,346.55 crore.

Net sales rose by 1.89 per cent to Rs.33,547.73 crore from Rs.32,925.68 crore, Tata Steel said in a filing to the Bombay Stock Exchange.

During the quarter under review, the company reported a total expenditure of Rs.31,725.90 crore, while its interest burden came down to Rs.969 crore from Rs.1,012.95 crore in the same period a year ago, it added.

The consolidated results include financial performance of Tata Steel Europe and other global ventures of the leading steelmaker, besides Indian operations.

On a standalone basis (Tata Steel’s Indian operations), the company reported a decline of 38.88 per cent in its net profit at Rs.1,356.56 crore in the April-June quarter against Rs.2,219.43 crore in the corresponding quarter of the previous fiscal. Net sales were Rs.8,820.19 crore, up 13.19 per cent.

Shares of the company closed at Rs.395.65 apiece on Monday on the BSE, down 1.19 per cent from the previous close.

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