Tata Steel on Monday reported nearly 89 per cent decline in consolidated net profit at Rs 597.88 crore (Rs 5.97 billion) for the first quarter ended June 30, 2012.
The profit in the corresponding quarter of the previous fiscal was Rs 5,346.55 crore (Rs 53.46 billion).
Net sales of the company rose by 1.89 per cent to Rs 33,547.73 crore (Rs 335.48 billion) from Rs 32,925.68 crore (Rs 329.26 billion) in the April-June period of 2011-12, Tata Steel said in a filing to the BSE.
During the quarter under review, Tata Steel reported a total expenditure of Rs 31,725.90 crore (Rs 317.26 billion), while its interest burden came down to Rs 969 crore (Rs 9.69 billion) from Rs 1,012.95 crore (Rs 10.13 billion) in the same period a year ago, it added.
The consolidated results include financial performance of Tata Steel Europe and other global ventures of the leading steelmaker, besides Indian operations.
On stand-alone basis (Tata Steel's Indian operations) the company reported a decline of 38.88 per cent in its net profit to Rs 1,356.56 crore (Rs 13.56 billion) in the April-June quarter as compared to Rs 2,219.43 crore (Rs 22.19 billion) of the corresponding quarter of the previous fiscal.
Its stand-alone net sales were at Rs 8,820.19 crore (Rs 88.2 billion), up 13.19 per cent.
Shares of the company closed today at Rs 395.65apiece on the BSE, down 1.19 per cent from the previous close.
