MUMBAI - Tata Steel Ltd, the world's No. 8 steel maker by output, on Wednesday reported a larger-than-expected 47 percent fall in June quarter profit from its Indian operations as realisations fell sharply on lower commodity prices.
Tata Steel, which acquired Europe's second-largest steelmaker Corus in 2007, said standalone net profit fell to 7.90 billion rupees ($163 million) for the fiscal first quarter ended June, from 14.88 billion reported a year earlier.
Net sales fell to 55.5 billion rupees from 61.70 billion.
A Reuters poll of 11 analysts had estimated a standalone net profit of 8.15 billion rupees on net sales of 54.92 billion rupees. ($1=48.4 rupees) (Reporting by Prashant Mehra; Editing by John Mair)