Tata steel net plunges 89%

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.

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.

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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.