Tata Steel posts Q2 net at Rs 1,018 cr, misses estimates

The steelmaker had posted a loss of Rs 49.38 cr for the same period a year earlier

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.

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

Net profit was Rs 1,018 cr ($156.93 million) in the quarter ending Sept. 30, missing analysts' estimates of a profit of Rs 1,678 cr.

The steelmaker had posted a loss of Rs 49.38 crore for the same period a year earlier.

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

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

($1 = 64.8700 Indian rupees)