February 7, 2017 / 12:17 PM / 8 months ago

India's Tata Steel swings to profit in Q3

MUMBAI, Feb 7 (Reuters) - India’s Tata Steel Ltd posted a consolidated net profit of 2.32 billion rupees ($34.4 million) in its fiscal third quarter on higher sales.

The steelmaker, which also has operations in Europe, had posted a consolidated net loss of 27.48 billion rupees in the year-ago quarter.

Revenue rose 14 percent from a year earlier to 293.92 billion rupees for the three months to Dec. 31, the company said in a stock exchange filing.

Analysts, on average, had expected a net profit of 1.74 billion rupees, according to data compiled by Thomson Reuters. ($1 = 67.4200 Indian rupees) (Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)

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