Tata Steel first-quarter profit more than doubles, lags forecasts

Indian steelmaker Tata Steel Ltd said on Monday quarterly net profit more than doubled, but it was well below market expectations as a result of a one-off charge.

Net profit was 19.34 billion rupees ($276 million), compared to a profit of 9.21 billion rupees a year earlier, Tata said.

Analysts on average had expected a net profit of 26.44 billion rupees, according to Thomson Reuters.

The company said it had a one time charge of 3.35 billion rupees.