Tata Steel swings to profit in first quarter at Rs 921 crore, but lags estimates

The steelmaker's net profit came in at 9.21 billion rupees ($144.37 million) in the quarter ended June 30, compared to a loss of 31.83 billion rupees a year earlier.

Waste metal is seen at Tata Steel's robotic welding line at their Automotive Service Centre in Wednesfield, Britain. (File photo | Reuters)

NEWD DELHI: Tata Steel Ltd swung to a first-quarter profit from a loss a year ago, as sales volumes were boosted by the ramp-up of its Kalinganagar plant.

The steelmaker's net profit came in at 9.21 billion rupees ($144.37 million) in the quarter ended June 30, compared to a loss of 31.83 billion rupees a year earlier.

Analysts on average had expected a net profit of 10.43 billion rupees, according to Thomson Reuters data.