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Tata Steel posts `1,035.87 crore profit in March quarter

LiveMint logoLiveMint 14-05-2014 Promit Mukherjee

Mumbai:Tata Steel Ltd reported a net profit of `1,035.87 crore in the fourth quarter of the fiscal 2013-14 as against a net loss of `6,528.51 crore in the same period a year ago on a consolidated basis, the company said on Wednesday.

Owing to improving demand conditions in Europe and higher steel prices in India in the fourth quarter, the company’s revenues for the January to March quarter rose 22.45% at `42,428.05 crore as against `34,650.47 crore in the same quarter a year ago.

Analysts expected Tata Steel to report a net profit of `947.4 crore on a revenue of `40,638.9 crore, according to a Bloomberg poll of 25 analysts.

Shares of Tata Steel shot up to a 27-month high on Wednesday ahead of the results. Shares of the company on the BSE closed at `452.15, up 5.91% from a day ago. The BSE Sensex closed at 23,815.12 points, down 0.24% from the previous close.

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