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Bloomberg
Tata Steel Ltd.’s quarterly profit rose to the highest in nine years as India’s oldest steelmaker reaped gains from higher prices and its focus on the domestic market, where a government push to improve infrastructure has raised demand.
Group net income surged nearly four-fold to $495 million in the three months ended on September 30, from 9.76 billion rupees a year earlier, according to a statement.
That beat the average estimate of 26.1 billion rupees in a Bloomberg poll of eight analysts. Revenue climbed about 34 percent to 435.4 billion rupees.
Profits rose as Tata Steel shifted its focus to the growing Indian market.