The Hindu Business Line : Tata Steel Q3 PAT doubles to Rs 890.5 cr

HIGHER sales, better realisations, improved margins and richer product mix helped Tata Steel to turn in a 99 per cent increase in its profit after tax at Rs 890.51 crore for the third quarter of 2004-05 compared with Rs 447.17 crore in the year-ago period.

Sales for the same quarter stood at Rs 4,090.46 crore, up from Rs 2,967 crore in the year-ago period.

Steel production during the quarter was 10,28,539 tonnes (10,39,987 tonnes). The company's production of steel would be marginally higher by the end of the fiscal despite shutdowns being undertaken, Mr B. Muthuraman, Managing Director, Tata Steel, said.

In terms of product mix, the third quarter had a higher proportion of cold rolled products at 25 per cent compared with 22 per cent in the year-ago period and 13 per cent (10 per cent) galvanised products .

Tata Steel was able to increase its market share in the automobile sector, one of the focused areas of the company, to 57 per cent and to auto ancillaries to 53 per cent.

The steel major has also been able to increase its net operating profits from other businesses to Rs 783 crore (Rs 233 crore) in the nine-month period. Wires, tubes, bearings form part of its other profit centres.

Nine-month net up

For the nine-month period, Tata Steel reported a net profit of Rs 2,565.58 crore against Rs 1,117.34 crore in the year-ago period. Sales stood at Rs 11,603.74 crore (Rs 8,430.91 crore).

Export turnover for the third quarter was Rs 502.69 crore (Rs 358.53 crore) and for the nine-month period it was Rs 1,522.95 crore (Rs 1,057.04 crore).

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