(Reuters) - Tata Steel Ltd reported an 83.6 percent surge in third-quarter standalone net profit on Friday, aided by robust domestic production.
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.
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 (formerly Bhushan Steel Ltd)
This was the company's first major acquisition after Britain's Corus, now called Tata Steel Europe.
The company has struck a deal with Germany's Thyssenkrupp to combine its UK business into a joint venture with the German giant.
The company plans to double its capacity in India in five years.
Local Indian producers are suffering from a double whammy of a rise in cheap imports and low domestic steel prices, which threaten to wipe out healthy profits they have clocked in recent years.
Analysts have said that due to pressure on steel prices, the third quarter could be the last good quarter for steelmakers before a long period of muted growth.
($1 = 71.2000 Indian rupees)
(Reporting by Chandini Monnappa in Bengaluru; Editing by Kirsten Donovan/Keith Weir)
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