Tata Steel reports three-fold jump in second-quarter profit

Indian steelmaker Tata Steel Ltd reported a more than three-fold rise in second quarter net profit on Tuesday, handily beating market estimates, helped by strong sales in India.

Net profit came in at 31.16 billion rupees ($428.79 million)in its fiscal second quarter ended Sept. 30 from 10.18 billion rupees a year earlier, the company said in a statement. https://reut.rs/2QDABeI

Thirteen analysts on an average had expected the Mumbai-based firm to post a profit of 22.47 billion rupees, according to I/B/E/S data from Refinitiv.

Total revenue from operations rose 34.1 percent to 435.44 billion rupees. 
($1 = 72.6700 Indian rupees)