Tata Steel, the world’s sixth-largest steelmaker, has posted a 59.91 per cent fall in profit at Rs 4,950.90 crore in the financial year ended March 2009, after incurring heavy restructuring costs to save its downturn-hit subsidiary, Corus, in UK.
The consolidated revenue has risen 11.13 per cent to Rs 1,45,686.32 crore, despite a 40 per cent production cut taken across its Europe operations after a demand slump last year.
The largest drop in consolidated profit after 2002 is mainly because of Rs 4,094.53 crore in additional costs incurred for restructuring, impairment and disposals.
Tata Steel shares fell 2.12 per cent to Rs 397.95 at close of trade on the BSE on Thursday.
