HT Image
HT Image

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.
PTI | By HT Correspondent, Mumbai
UPDATED ON MAY 17, 2007 07:54 PM 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.

Story Saved