Tata Steel clocks net of Rs 921 crore

Tata Steel has swung into profits in the first quarter of the current fiscal. It reported a consolidated net profit of Rs 921 crore for the quarter ended June 30, 2017, compared with a loss of Rs 3,183 crore for the same quarter of the previous fiscal. The company had reported a consolidated loss of Rs 1,168 crore in the sequential quarter (Q4FY17).Consolidated turnover grew 19.25% to Rs 30,973 crore compared with Rs 25,971 crore in the same period of the previous fiscal.Exceptional items were Rs 617 crore, mainly relating to provision for mining related litigation. During the quarter, Tata Steel completed the sale of stake in Tata Motors for a total consideration of Rs 3,778 crore.
Source: DH