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Tata Steel posts second-quarter profit, misses estimates
October 30, 2017 / 1:15 PM / 24 days ago

Tata Steel posts second-quarter profit, misses estimates

(Reuters) - India’s Tata Steel Ltd posted a Sept-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India.

Waste metal is seen at Tata Steel's new robotic welding line at their Automotive Service Centre in Wednesfield, Britain, February 15, 2017. REUTERS/Darren Staples

Consolidated quarterly total steel deliveries were up 15 percent to 6.45 million tonnes, with Indian deliveries contributing about 48 percent of the total.

Net profit was 10.18 billion rupees ($156.93 million) in the quarter ending Sept. 30, missing analysts' estimates of a profit of 16.78 billion rupees. bit.ly/2xxynUt

The steelmaker had posted a loss of 493.8 million rupees for the same period a year earlier.

Deliveries from India operations grew 17 percent year-on-year to 3.08 million tonnes in the quarter.

Shares of Tata Steel closed 1.18 percent lower ahead of the results in a Mumbai market that gained 0.39 percent.

($1 = 64.8700 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru, editing by Louise Heavens

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