According to the audited financial results released by Indian steelmaker Tata Steel (Tata) for the first quarter ended on June 30 of the current Indian fiscal year, the company's net profit totaled Rupees 7.898 billion (approx. US$163.57 million), down from Rupees 14.884 billion recorded in the corresponding period of the previous fiscal year. The decline in the net profit corresponds to a yearly decrease of 46.93 percent.
In the first quarter of the current fiscal year, Tata's total income came to Rupees 56.155 billion (approx. US$1.162 billion), decreasing by 8.73 percent year on year, while the company's total expenditure amounted to Rupees 41.265 billion (approx. US$855 million), increasing by 23.35 percent year on year.
In the period in question, the company's steel production amounted to 1.542 million mt, increasing by 29.95 percent year on year, while its steel sales reached 1.417 million mt, up by 22.2 percent compared to the same period of the last fiscal year.
Tata Steel said that its consolidated financial results, which would include the financial results of its European subsidiary Tata Steel Europe Ltd. (Corus) for the quarter in question, would be available by the end of August 2009.