India's Tata Steel Q2 profit $144 mln, beats estimates

NEW DELHI Wed Nov 13, 2013 7:43am EST

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NEW DELHI Nov 13 (Reuters) - Tata Steel Ltd, India's biggest steel company by market value and second-largest producer in Europe, swung to a sharply-higher-than-expected fiscal second-quarter profit.

The company has raised prices and gained market share at home as a weak rupee curbed imports.

July-September consolidated net profit, after minority interest and share of associates, was 9.17 billion rupees ($144 million), compared with a loss of 3.64 billion rupees a year earlier, it said on Wednesday.

Net sales at the company, the second-largest steel producer in Europe, rose 7.4 per cent to 363.7 billion rupees.

Analysts were expecting a profit of 3.67 billion rupees on revenue of 332.74 billion rupees, according to Thomson Reuters I/B/E/S. ($1 = 63.6375 Indian rupees) (Reporting by Krishna Das and Devidutta Tripathy; Editing by Anthony Barker)