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Tata Steel's first-quarter profit slumps on spike in expenses, price drop
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India's Tata Steel on Monday reported a staggering 92% slump in quarterly profit, hurt by the lower prices of alloy and expenses related to a pension scheme in Britain.
Consolidated net profit came in at 6.34 billion rupees ($77.5 million) for the three months to June 30, while total revenue from operations fell 6.2% to 594.90 billion rupees from a year earlier.
The profit was hit by a non-cash deferred tax charge related to British Steel Pension Scheme, Tata Steel said in a statement.
Overall expenses jumped about 13% to 585.53 billion rupees.
Tata Steel, which has an annual crude steel capacity of 35 million tonnes per annum, said steel spot prices moderated during the quarter.
Volatility in steel markets have impa
