Tata Steel Q2 profit rises 37 percent on one-off gains

MUMBAI (Reuters) - Tata Steel Ltd reported a 37 percent rise in quarterly profit on Wednesday, beating market estimates, helped by one-off gains from sale of assets.

The company's consolidated net profit was 12.54 billion rupees ($204 million) for the second quarter ended Sept. 30, from 9.17 billion rupees a year earlier, Tata Steel said in a statement.

One-off gains for the quarter were 11.45 billion rupees, Tata Steel said. Consolidated net sales for the quarter fell 2.4 percent from a year earlier to 355.03 billion rupees.

Analysts on average expected the country's largest steel producer by market value to report a net profit of 7.38 billion rupees, according to Thomson Reuters I/B/E/S.

 

($1 = 61.5000 rupees)

(Reporting by Aman Shah; Editing by Anand Basu)