Tata Steel Q4 net slips about 90 percent

Kolkata, May 18 (IANS) Tata Steel, India's largest private sector steel major, Friday reported a 89.64 percent slide in its consolidated net profit at Rs.4.33 billion for the quarter ending March 31, 2012, from Rs.41.76 billion in the same period last year.

According to a release here, the company's total income from operations, however, increased to Rs.339.98 billion for the fourth quarter last fiscal from Rs.338.29 billion for the same period in the previous fiscal.

Tata Steel Group's profit after tax (after minority interest and share of profit of associates) during the financial year 2011-12 stood at Rs.53.90 billion compared to a profit of Rs.89.83 billion in financial year 2010-11.

Group EBITDA in FY12 was Rs.135.33 billion compared to Rs.171.16 billion in FY11.

"The Indian operations registered robust performance in FY12 amid growth concerns in the domestic market," Tata Steel managing director H.M. Nerurkar said in the release.

Performance of the company in the current financial year was expected to be boosted by the start-up of the brownfield expansion at Jamshedpur, where trial production has begun, Nerurkar said, adding work on the greenfield project in Odisha was on track.