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Tata Steel Q2 profit rises 6% to Rs 3,302 crore on one-time tax gain of Rs 4,365 crore

Total revenue declined 15.44 per cent to Rs 34,579.18 crore during the quarter under review.

ETMarkets.com|
Updated: Nov 06, 2019, 06.02 PM IST
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Steel major Tata Steel on Wednesday reported a 5.97 per cent year-on-year rise in consolidated profit at Rs 3,302.31 crore for the quarter ended September 30, on one-time deferred tax gain of Rs 4,365.33 crore.

The company had posted a net of Rs 3,116.20 crore in the corresponding quarter last year.

Total revenue declined 15.44 per cent to Rs 34,579.18 crore during the quarter under review.

Consolidated Ebitda of the company plunged 56.60 per cent to Rs 3,819.60 crore in the September quarter. The figure stood at Rs 8,801.40 crore in the same period last year.

Margins declined sharply to 11 per cent from 21.50 per cent on a yearly basis.

The company announced its results post market hours. Earlier in the day, shares of Tata Steel closed 0.09 per cent up at Rs 404.35, while BSE Sensex settled 221.55 points or 0.55 per cent higher at 40469.78.
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