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Tata Steel Q1 net sales down 17%

Net profit more than doubles to Rs 763 crore, helped by one-time gain of Rs 158 crore

The Tata Steel logo is seen at the Tata Steel rails factory in Hayange, Eastern France

Reuters Mumbai
Tata Steel on Tuesday posted a 17% drop in consolidated net sales for the April-June quarter, as a flood of cheaper imports hit steel prices.

The company's net profit for the period ended June 30 more than doubled to Rs 763 crore ($118.82 million), on a consolidated basis, from Rs 337 crore a year earlier.

The profit was helped by a one-time gain of Rs 158 crore compared with an charge of Rs 262 crore in the year-ago quarter.

Consolidated net sales for the quarter fell to Rs 2,990 crore.

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First Published: Aug 11 2015 | 3:55 PM IST

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