Tata Steel subsidiary -- Tinplate Company of India (TCIL) -- today reported a 31% dip in its net profit at Rs 7.35 crore for the quarter ended June 30.
The company had posted a net profit of Rs 10.7 crore in the April-June period of 2010, the company said in a filing to the Bombay Stock Exchange.
The income from operations of TCIL also dropped to Rs 61.3 crore in the quarter ended June 30, against Rs 175.7 crore for the same period last financial year, it said.
In April, Tata Steel had said that it had made TCIL its subsidiary by increasing its stake in the company by 16.57% to 59.45%.
"...TCIL has become a subsidiary of the company with effect from April 1, 2011, consequent to increase in the company's shareholding in TCIL from 42.88% to 59.45%," Tata Steel had said.
