Tata Steel Q2 net profit jumps over three-fold to Rs 31 bn on strong sales

Steelmaker handily beats Street expectations

Tata Steel Ltd reported a more than three-fold rise in second-quarter net profit on Tuesday, handily beating market estimates, helped by strong sales in India.

Net profit came in at Rs 31.16 billion ($428.79 million) in its fiscal second quarter ended September 30 from Rs 10.18 billion a year earlier, the company said in a statement.    

Thirteen analysts on an average had expected the Mumbai-based firm to post a profit of Rs 22.47 billion, according to data from Refinitiv.

Total revenue from operations rose 34.1 per cent to Rs 435.44 billion.