Tata Steel on Friday registered a consolidated net profit of Rs 2,688.7 crore for the quarter ended December 31, marking a jump of more than eight times on a year-on-year basis. The Tata group steelmaker had logged a net profit of Rs 326.6 crore for the corresponding period a year ago.
The steel giant registered third-quarter revenue of Rs 56,646.1 crore, marking a 6.4 per cent year-on-year increase over the year-ago period, according to a regulatory filing.
The bottom line beat analysts’ expectations.
According to Zee Business research, Tata Steel was estimated to register a net profit of Rs 2,365 crore with Rs 58,275 crore in revenue for the October-December period.
Earlier on Friday, the Tata Steel stock declined 0.3 per cent to close at Rs 197.1 apiece on BSE.
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