Tata Steel's first quarter profits zoomed to Rs 5,300 crore from Rs 1,800 crore clocked in the corresponding quarter last year. But the profit growth was driven by an extraordinary income to the tune of Rs 3,800 crore. Income for operations came in above estimates at Rs 33,000 crore. Margins, however, declined on a year-on-year basis.
Talking about the numbers, group chief financial officer Koushik Chatterjee told CNBC-TV18 he was seeing sign of a slowdown in the global economy. "The European steel market is likely to be subdued this quarter," he said. Nevertheless, the demand in India continues to be stable despite RBI's move, he added. The steel major sees sustained pressure on margins. "Prices are softening in international markets. In fact, in India too, steel prices are showing downward bias," he said. Below is an edited transcript of Koushik ChatterjeeDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
