Tata Steel third-quarter standalone profit soars

(Reuters) - India's Tata Steel Ltd posted an 83.6 percent surge in third-quarter standalone net profit on Friday.

Standalone profit came in at 24.56 billion rupees ($344.94 million) compared with 13.38 billion rupees in the same period a year earlier, the steelmaker said https://bit.ly/2tkBC1n.

According to I/B/E/S data from Refinitiv, analysts on average had expected a profit of 25.40 billion rupees.

On a consolidated basis, the company posted a net profit of 22.84 billion rupees. However, the numbers were not comparable due to its recent acquisition of Tata Steel BSL Limited.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Kirsten Donovan)