💠💠 With global steel prices nosediving while production costs rise, Tata Steel, the country’s largest private steel maker, reported net profit of ₹702 crore in the June 2019 quarter, falling 63% year-on-year. The company had reported consolidated net profit of ₹1934 crore in the year-ago period.
Poor industrial sentiment overseas and with Tata Steel recently announcing its failure to sell its European assets weighed down on earnings. Consolidated revenue from operations remained flat in the quarter, at ₹35,382.16 crore.
For India, the company reported standalone net profit of ₹1567 crore, 15% lower than the ₹1856 crore it reported last year. “In India, steel prices declined as subdued economic activity, seasonal slowdown and liquidity issues weighed on domestic consumption. Higher net imports further exacerbated the demand supply balance," the company said in a press release.
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