Tata Steel Q1 profit more than doubles to Rs 19.34 bn, still below estimate

Tata Steel India posted a rise of about 7.9% in total steel deliveries for the quarter

Tata Steel Ltd's quarterly net profit more than doubled, but still came in well below market expectations, hurt by rising expenses and a one-off charge.  

The country's biggest steel producer by assets said it took a one-time charge of Rs 3.44 billion on a consolidated basis. 

The bulk of this came from an exceptional charge of Rs 3.35 billion at its Indian business, mainly due to a provision made for additional interest on differential royalty paid on coal.

Net profit was Rs 19.34 billion ($276 million) in the three months to the end of June, compared to a profit of Rs 9.21