Tata Steel on Tuesday reported 90.51 per cent growth in consolidated net profit at Rs 1,139 crore for the quarter ended June 30,largely due to significant decline in tax outgo.
It had reported net profit of Rs 597.88 crore in the April-June quarter of the 2012-13 fiscal. The Q1,2013-14 net sales of the company were,however,down 3 per cent at Rs 32,550.21 crore due to subdued global steel demand. It had reported net sales of Rs 33,547.73 crore in the Q1,FY13. The tax outgo declined by nearly 61 per cent to Rs 351.39 crore,compared to Rs 898.63 crore during Q1,2012-13,Tata Steel said in a filing to the BSE. The net profit on standalone basis,which is Indian operations of Tata Steel,was Rs 1,356.11 crore,almost the same as was in Q1 FY13 (Rs 1,356.56 crore).