Mumbai, January 28: Tata Steel Ltd, the world’s No.8 steelmaker by output, reported quarterly profit from its Indian operations more than doubled, beating forecasts, on strong demand from the auto and construction sectors.
The company, which acquired Europe’s second-largest steelmaker Corus in 2007, said standalone net profit rose to 11.92 billion rupees ($258 million) for the fiscal third quarter to end-December from 4.66 billion a year ago.
Tata Steel will report consolidated third-quarter results, to include the Corus numbers, next month.
Quarterly net sales of the local operations rose to 63.07 billion rupees from 47.51 billion.
A poll of 12 analysts had estimated standalone net profit of 10 billion rupees on net sales of 58.3 billion rupees.
The Indian operations account for a quarter of the group’s annual global capacity of about 30 million tonnes.
—Agencies