According to the audited financial results released by Indian steelmaker Tata Steel (Tata) for the second quarter and first half ended on September 30 of the current Indian fiscal year, the company's net sales in the second quarter totaled Rupees 56.3 billion (approx. US$1.2 billion), declining 16.3 percent, while its net profit decreased by 49.49 percent, reaching Rupees 9.03 billion ($191.85 million), both compared to Q2 FY 2008-09.
In the second quarter of the current fiscal year, the company's steel production amounted to 1.52 million mt, increasing by 14.25 percent year on year, while its steel sales reached 1.46 million mt, up by 19.4 percent compared to the same period of the last fiscal year.
Meanwhile, in the first six months of the current fiscal year, Tata Steel's net sales totaled Rupees 111.84 billion ($2.38 billion), down 12.72 percent, while its net profit reached Rupees 16.93 billion ($359.97 million), both compared to the corresponding period of FY 2008-09.
In the first half of the current fiscal year, the company's steel output increased by 21.66 percent, reaching 3.06 million metric tons and its steel sales totaled 2.87 million metric tons, up 20.8 percent, both compared to H1 FY 2008-09.
Tata Steel said that its consolidated financial results, which would include the financial results of its European subsidiary Tata Steel Europe Ltd. (including Corus) for the quarter in question, would be available by the end of November 2009.