Tata Steel, the world’s sixth-largest steelmaker, has posted a 59.91 per cent fall in profit at Rs 4,950.90 crore in the financial year ended March 2009, after incurring heavy restructuring costs to save its downturn-hit subsidiary, Corus, in UK.
The consolidated revenue has risen 11.13 per cent to Rs 1,45,686.32 crore, despite a 40 per cent production cut taken across its Europe operations after a demand slump last year.
The largest drop in consolidated profit after 2002 is mainly because of Rs 4,094.53 crore in additional costs incurred for restructuring, impairment and disposals.
Tata Steel shares fell 2.12 per cent to Rs 397.95 at close of trade on the BSE on Thursday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app