Tata Steel's Profit Drops 70% on Provisions and Higher Taxes

Tata Steel, the largest Indian producer of steel, reported a huge drop in its first-quarter consolidated net profit, hit by provisions for impairment of non-core assets and higher taxes. Group net income, including that of subsidiary Tata Steel Europe, dropped 70% to 3.37bn rupees ($55m, 33m, 41m) in the April-June first-quarter, as against 11.39 billion rupees a year ago, the Mumbai-based …
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