Tata Steel on Friday reported a 90% fall in fourth quarter net profit at Rs.433 crore compared to the year-ago period and a 0.5% negligible growth in revenue at Rs.33,999 crore.
The bottomline of the Tata group firm, one of the world’s top ten steel makers, was hit by a disappointing performance in its European subsidiary.
However, the company bettered its performance from the third quarter when it reported a loss of Rs.687 crore.
Subdued demand for steel in Europe has impacted the company’s businesses. For the fiscal year 2011-12, the company’s net profit dropped by 40% to Rs.5,390 crore while revenue went up 12% to Rs.1,32,900.
The company’s stock ended down 1.5% at Rs.399.9 on the Bombay Stock Exchange on Friday.