BUSINESS

56 % drop in Tata Steel profit

TESTING TIME: Philippe Varin (right), CEO, Corus Group, with B. Muthuraman, Managing Director, Tata Steel, addressing a press conference in Mumbai on Wednesday.

TESTING TIME: Philippe Varin (right), CEO, Corus Group, with B. Muthuraman, Managing Director, Tata Steel, addressing a press conference in Mumbai on Wednesday.   | Photo Credit: — PHOTO: SHASHI ASHIWAL

NEW DELHI: Tata Steel on Wednesday reported a 56.4-per cent decline in its net profit in the third quarter of this fiscal.

The company posted Rs. 466.24 crore net profit for the quarter, compared to Rs. 1,068.58 crore in the corresponding period last year.

Total sales during the October-December period stood at Rs. 4,735.68 crore, down from Rs. 4,928.23 crore a year ago. The company said it suffered loss to the tune of Rs. 126.80 crore in the quarter due to currency rate fluctuations. In the year-ago quarter, it was Rs. 47.92 crore.

The company, however, reported a 7.5-per cent increase in the net profit for the first nine months of this fiscal at Rs. 3,742.45 crore (Rs. 3,481.52 crore). — IANS

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