Tata Steel on Friday posted a nearly 90% drop in its consolidated net profit at Rs. 433 crore for the fourth quarter ended March 31, 2012, despite a marginal increase in total income.
The company, which is currently the seventh largest steel producer in the world, had clocked Rs. 4,176 crore net profit in the corresponding quarter previous fiscal, it said in a statement.
Total income of the company during the January-March quarter, however, rose to Rs 33,999 crore against Rs 33,824 crore in the year-ago period.
On standalone basis, Tata Steel's net profit in Q4 FY'12 stood at Rs. 1,560 crore compared to Rs. 1,708 crore.
Shares of the company on Friday closed at Rs 399.85 apiece at the BSE, down 1.48% over the previous close.