India's Tata Steel Q1 profit more than doubles, lags forecasts

13th August 2018 By: Reuters

Indian steelmaker Tata Steel said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge.

Net profit was 19.34-billion rupees ($276-million), compared to a profit of 9.21-billion rupees a year earlier, Tata said.

Analysts on average had expected a net profit of 26.44-billion rupees, according to Thomson Reuters I/B/E/S.

The company said it had a one time charge of 3.35-billion rupees.