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India Tata Steel Q1 profit dives 70% as European operations on upswing

NEW DELHI--Indian giant Tata Steel reported Wednesday that quarterly group net profit slid a bigger-than-expected 70 percent, hit by one-off charges, but added its European operations were picking up.

Despite a “healthy improvement across geographies,” Tata Steel, India's biggest producer, said the performance was not enough to overcome one-time costs which pushed earnings sharply lower than financial market forecasts.

Net profit slid to 3.37 billion rupees (US$55 million) in the first financial quarter to the end of June from 11.39 billion rupees a year earlier on sales that climbed 11 percent to 364.27 billion rupees.

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