Tata Steel's consolidated net profit for the second quarter of the current fiscal plunged by 93% to Rs 139 crore due to higher raw material cost.
The company had clocked a profit of Rs 1,968 crore in the corresponding quarter in the last fiscal, Tata Steel said in a filing to the BSE.
Tata Steel's net sales rose to Rs 32,507 crore during the July-September quarter, 16% higher than Rs 28,091 crore in the year-ago period.
The total expenditure of the company also went up to Rs 31,157 crore during the quarter against Rs 26,052 crore in the year ago.
It consumed raw material worth Rs 10,832 crore during the quarter under review against Rs 9,409 crore in the same period last year. Freight cost went up by over Rs 200 crore at Rs 1,685 crore. Tax outgo was higher at Rs 907 crore vis-a-vis Rs 745 crore previously.
On the other hand, "other income" of the company was down to Rs 120 crore compared to Rs 814 crore in the July-September quarter of the fiscal.
