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Tata Steel, leading steel major controlled by Tata Group, has announced that its standalone net profit during the quarter ended June 2009 has witnessed a substantial dip of 46.93% to Rs 7,898.30 million.

During the similar period of previous fiscal, company’s net profit figure stood at Rs 14,884 million.

The sources said that during the reporting quarter, company’s net sales slipped marginally by 8.91% to Rs 56,156 million, while total income for the latest quarter declined by 8.34% to Rs 56,618.90 million, when compared with the prior year period.

During the review quarter, company’s earnings, which stood at Rs 10.37 per share, were especially hard hit. The EPS has declined by 47.99% over previous year period.