India's steel giant Tata Steel's first quarter consolidated net profit dropped 70 percent over a huge rise in finance cost and the provisioning made by the company for write-down of non-core assets.
The company's net profit in the April-June quarter of the current fiscal stood at Rs.337 crore as against Rs.1,139 crore in the year-ago period.
The net sales soared 11 percent to Rs.36,143 crore, as against the amount of Rs.32,559 crore recorded in April-June of 2013-14.
The company has made a provision for Rs.262 crore towards one-time charge for write-down of assets.
The finance cost went up to Rs.1,252 crore. There was a 15 percent increase in the earnings before interest, tax, depreciation and amortisation which stood at Rs.4,325 crore as against Rs.3,755 crore in the 2013-14 first quarter.
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