Tata Steel is trading lower by 2.2% at Rs 390 after reporting a 90% year-on-year (y-o-y) drop in consolidated net profit at Rs 433 crore for the fourth quarter ended March 2012, due to higher raw material cost and less demand for steel in Europe.
Tata Group steel company had a net profit of Rs 4,176 crore in the previous year quarter, which include a one time exceptional gain of Rs 2,279 crore on account of restructuring due to sale of Teesside Cast Products (TCP).
Net sales however, marginally up at Rs 33,860 crore on y-o-y basis. Its consolidated operating margins for the quarter fell to 10.1% from 14.1% a year earlier.
A combined 290,000 shares have changed hands on the counter in opening deals on both the exchanges.
