Tata Steel Q2 profit rises 37 per cent to Rs 1,254 crore on one-off gains

Tata Steel on Wednesday reported a 37 per cent rise in profit for the quarter ended September 30, beating market estimates, helped by one-off gains from sale of assets.

The steelmaker's consolidated net profit stood at Rs 1,254 crore ($204 million) for the reporting quarter, up from Rs 917 crore in the previous financial year, Tata Steel said in a statement.

One-off gains for the quarter were Rs 1,145 crore, the company said, while consolidated net sales for the quarter dipped by 2.4 per cent over FY14 to Rs 35,503 crore.

Analysts on average expected Tata Steel, the country's largest steel producer by market value, to report a net profit of Rs 738 crore, according to Thomson Reuters I/B/E/S.

(Reuters)