Tata Steel quarterly results blow past estimates
NEW DELHI May 14 (Reuters) - India's Tata Steel Ltd reported a bigger-than-expected fourth-quarter profit as product launches and an upturn in the manufacturing sector in Europe, its biggest market, helped sales grow at their fastest in three quarters and boosted margins.
Net income hit a three-quarter high of 10.36 billion rupees ($173 million) in the three months that ended on March 31, compared with a loss a year earlier. Net sales jumped 23 percent to 420.18 billion rupees.
Analysts on an average had expected a profit of 9.64 billion rupees on sales of 391.9 billion rupees, according to data from Thomson Reuters StarMine.
($1 = 59.7800 Indian Rupees) (Reporting by Krishna N Das; Editing by Matt Driskill)
- Tweet this
- Share this
- Digg this
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- U.S. to funnel travelers from Ebola-hit region through 5 airports
- UPDATE 4-NY says Ocwen backdated foreclosure letters, company shares slide
- New Total boss must overhaul exploration strategy, pursue cost cuts
- Coca-Cola announces growth plan as profit falls 14 pct
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article