Tata Steel Q2 profit plummets over 89 per cent to Rs212 crore

Tata Steel today reported an 89.3 per cent fall in its fiscal second quarter (July-September 2011-12) profit, at Rs212 crore ($43 million), against a profit of Rs1,979 crore ($404 million) in the corresponding period of the previous year (Q2 FY'11).

Group earnings before interest taxes, depreciation and amortisation (EBITDA) for the quarter was down 34.5 per cent at Rs2,944 crore ($601 million) against Rs4,497 crore ($918 million) in Q2 FY'11. The decline was mainly on account of higher global raw materials costs and lower average selling prices at Tata Steel Europe, the company said in a release.

Group EBITDA for the first half of the fiscal (FY'12) was down 34.5 per cent at Rs11,302 crore ($2.31 billion) against Rs9,024 crore ($1.84 billion) in H1 FY'11.

Consolidated group turnover was up 17.8 per cent at Rs65,798 crore in the first half (H1 FY'12) at Rs65,798 crore ($13.44 billion) against Rs55,840 crore ($11.40 billion) in H1 FY'11.

Consolidated group turnover for the second quarter was up 14 per cent at Rs32,798
crore ($6.7 billion) against Rs28,646 crore ($5.85 billion) in Q2 FY'11.

EBITDA in India rose 1.9 per cent to Rs6,449 crore ($1.32 billion) in H1 FY'12, from Rs6,327 crore ($1.29 billion) in H1 FY'11.