TATA STEEL HAS posted a 91.84% fall in consolidated net profit to ₹634 crore for the first quarter ended June, impacted by weak European operations, but was much ahead of analysts'estimates of the company posting a net loss.
The steel major had posted a net profit of ₹7,764.96 crore for the comparable year-ago period.
During the quarter under review, the Tata Group firm's consolidated revenue from operations fell 6.21% to ₹59,490 crore from ₹63,430 crore recorded in the year-ago quarter.
A consensus estimate of Bloomberg analysts was expecting the firm to post a consolidated net loss of ₹122 crore on revenues of ₹56,338 crore, and Ebitda of ₹5,050 crore.
The profitability was affected by non-cash deferred tax charge on account of a buy-in transaction at British Steel Pension Scheme (BSPS). With this, the insurance buy-in of BSPS has been completed, de-risking Tata Steel UK, the company said in a statement.
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