Tata steel net plunges 89% | business | Hindustan Times
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Tata steel net plunges 89%

business Updated: Nov 10, 2011 20:54 IST
HT Correspondent

Driven by higher raw material prices and volatility in currency movements, Tata Steel on Thursday reported a 89% year-on-year fall in net profit at Rs 212 crore for the second quarter ended September against Rs 1,979 crore last year.

However, sales from Indian operations rose by 16% at Rs 8,212 crore in the current quarter. Sales from European operations grew by 19% at Rs 21,160 crore.

“The continued interest rate hike impacted steel demand growth but the company sequentially increased sales volume due to enhanced market reach and customer focus,” said H M Nerurkar, MD, Tata Steel.