India's Tata Steel 4Q net profit up 41 per cent
India's largest steelmaker's net profit for the quarter ending March 2007 rises to 11.03 billion rupees from 7.83 billion rupees a year.Updated: May 17, 2007 19:54 IST
India's largest steelmaker Tata Steel, part of private sector conglomerate Tata group, on Wednesday announced fourth-quarter net profit climbed by 41 percent, underperforming market expectations.
Net profit for the quarter ending March 2007 rose to 11.03 billion rupees ($270 million) from 7.83 billion rupees a year earlier on sales which increased 21.5 per cent to 50.6 billion rupees.
Analysts had forecast net profit of 11.84 billion rupees.
Full-year net profit rose 20.4 per cent to 42.22 billion rupees ($1.03 billion) on sales which grew 16.25 per cent to 179.85 billion rupees.
During the year, the firm bought Anglo-Dutch steel group Corus in a $13.7 billion deal, catapulting it to fifth-largest global steelmaker from 56th.