Tata Steel today reported 56.37 per cent drop in its net profit at Rs 466.24 crore for the third quarter ended December 31, 2008, as compared to Rs 1,068.58 crore in the same period last year.
Total income declined 4.19 per cent to Rs 4,810.63 crore for the quarter under review as against Rs 5,020.97 crore.
During the nine month ended December 2008, the company reported net profit of Rs 3,742.45 crore, as compared to Rs 3,481.52 crore in the corresponding period last fiscal.
Total income of the nine-month ended December 2008 rose to Rs 18,076.92 crore, whereas it was Rs 14,192.71 crore in the year-ago period.
The company's exports dropped to Rs 404.30 crore from Rs 596.04 crore in the corresponding quarter last year.
Steel production for the quarter fell to 1.23 lakh tonnes as compared to 1.25 lakh tonnes, while steel sales dropped to 1.07 lakh tonnes from 1.24 lakh tonnes for the corresponding period of the previous year.
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Other operating profit of the company increased to Rs 66.46 crore against Rs 45.69 crore in the corresponding quarter last year.
The company has mentioned that it will publish the consolidated financial results by the end of February 2009. Tata steel closed at Rs 177, up 2.5 per cent on the Bombay Stock Exchange.