Tata Steel’s profit for the second quarter was still less than expected
Due to the increase in plant production in Carlin Ghana, India, Tata Steel’s profit for the second quarter end of September was still less than expected.
Tata Steel’s consolidated steel shipments rose 15% to 6.45 million tonnes in the quarter, among India’s domestic shipments accounting for 48% of the total.
As of September 30, the entire quarter Tata Steel net profit of 10.18 billion rupees (156.9 million US dollars), lower than analysts expected 16.78 billion rupees. In the same period last year, the company lost 4.938 billion rupees.
But India’s local business shipments rose 17% to 3.08m tonnes in the quarter.
Quarterly results before the announcement, Tata Steel stock closing price fell 1.18%, the day the Mumbai stock market composite index rose 0.39%.