Tata Steel CFO sees global steel demand improving

Earlier on Friday, Tata Steel reported a bigger-than-expected drop in its consolidated quarterly profit, as weak prices, lower volumes and high raw material costs depressed margins in its main European market.

Its net profit stood at Rs 1,560.51 crore for the quarter ended March 31, 2012, as compared to Rs 1707.71 crore for the quarter ended March 31, 2011.

Total income increased to Rs 9,662.36 crore for the quarter ended March 31, 2012, from Rs 8,499.73 crore for the year ago period.

The company posted a net profit of Rs 6696.42 crore for the year ended March 31, 2012, as compared to Rs 6865.69 crore for the year ended March 31, 2011.

Total income increased to Rs 34,819.89 crore for the year ended March 31, 2012, from Rs 29924.71 crore for the year ended March 31, 2011 .

The group posted a net profit after taxes, minority interest & share of associates of Rs 433.46 crore for the quarter ended March 31, 2012, compared to Rs 4,175.6 crore for the quarter ended March 31, 2011.

The Tata Steel board recommended a dividend of Rs 12 per ordinary share of Rs 10 each , subject to shareholder approval.