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Home Steel News Tata Steel Q1 profit drops by 70%
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Tata Steel Q1 profit drops by 70%

18 Aug 2014 11:53 reported by Alex Tsai

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India’s Tata Steel announced profit in the quarter ended 30th June due to higher tax expenses and interest cost.

Tata's net profit was Rs 337.3 crore for the April-June quarter, plunging by 70% compared to the same period a year ago.

The company’s total tax expenses soared by 3 times to Rs1,080 crore during the same quarter last year and finance cost increased by 26% to Rs 1,252.4 crore

The company’s sales revenue increased by 11% in the same period a year ago due to the increasing demand of its steel products in Europe, which is the company’s largest market.

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