 "Tata Steel Q4 results: Net profit falls 64% to Rs 611 crore on lower prices")
India's Tata Steel reported a fall in fourth-quarter profit on Wednesday, pressured by lower steel prices and as the company deals with restructuring costs related to its loss-making UK business.
The country's second biggest steelmaker by market cap said its consolidated net profit fell 64% to Rs 611 crore ($73.3 million) in the three months to March 31.
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Domestic steel prices remained under pressure during the quarter as India imported higher volumes of finished steel from top producer China.
Total revenue from operations fell to Rs 58,687 crore from Rs 62,962 crore in the quarter, owing to a nearly 4% drop in its mainstay India business, which contributed at least 62% of the overall revenue.
The company also incurred exceptional charges of Rs 649 crore due to the closing of its Sukinda Chromite Block in Odisha and other expenses around its European operations.
Separately, the Tata Group-operated firm will be raising Rs 30 crore through issue of debt securities, it said on Wednesday.