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Friday, Jan 23, 2004

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Tata Steel net profit jumps to Rs 447.17 cr

Our Bureau

Mumbai , Jan. 22

IMPROVED realisations, richer product mix and continued cost controls helped Tata Steel to report a 60.6 per cent increase in net profit at Rs 447.17 crore during the December 2003 quarter (Rs 278.36 crore).

However, during the quarter the company earned a profit of Rs 8.33 crore by way of sale of Tata Infomedia shares. Besides, the employee separation compensation during this quarter was lower at Rs 19.91 crore as compared to Rs 67.04 crore in the year-ago period, because of a change in accounting standards.

Income from operations during the quarter was Rs 2,967 crore (Rs 2,491.29 crore). Other income was up at Rs 26.24 crore (Rs 12.05 crore). Interest was lower at Rs 59.71 crore (Rs 80.39 crore).

For the nine months period, net profit was Rs 1,117.34 crore as compared to Rs 543.23 crore in the year-ago period. Sales stood at Rs 8,430.91 crore (Rs 6,811.96 crore).

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