Tata Steel posts 60 pc slump in net profit

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Mumbai, Jun 26: India's largest steel producer, Tata Steel has posted a 60 per cent slump in full-year profit, the company revealed on Thursday, Jun 25 evening.

The net income, including UK unit Corus, fell to Rs 4951 crore in the year ended Mar 31 as opposed to Rs 12350 crore the previous year.

The slump in the net profit is attributed to the massive contraction in the European market and lower margins. However, the company believes that its profit would have been much more lower if it had decided to stick with the old accounting procedures.

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