Tata Steel's first-quarter profit slumps on spike in expenses, price drop

India's Tata Steel (TISC.NS) on Monday reported a staggering 92% slump in quarterly profit, hurt by the lower prices of alloy and expenses related to a pension scheme in Britain.

Consolidated net profit came in at 6.34 billion rupees ($77.5 million) for the three months to June 30, while total revenue from operations fell 6.2% to 594.90 billion rupees from a year earlier.

The profit was hit by a non-cash deferred tax charge related to British Steel Pension Scheme, Tata Steel said in a statement.