Steel producer Tata Steel Ltd's first quarter consolidated net profit slumped 70%, hurt by provisions for impairment of non-core assets and a higher tax expense.
The company posted net income of Rs. 3.37 billion ($55.01 million) in the three months ended June 30, compared with Rs. 11.39 billion a year earlier.
Net sales jumped 11% to Rs. 361.43 billion, helped by an increase in European demand.
The company's management has intensified cost cuts and focused on high-margin products to boost sales at Tata Steel Europe, which contributed close to 57% of the company's total steel production last year.
(1 US$ = 61.2625 Indian rupee)