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A massive rise in other income has boosted Tata Steel’s consolidated net profit for the quarter ended June 30, 2011 almost three times to Rs 5,294 crore from Rs 1,790 crore in the corresponding period last year.
The company got Rs 3,882 crore (Rs 59 crore Q1 last year) during the period as other income on sale of stake in Tata Refractories, Australian miner Riversdale and its Teeside plant in the UK, even as expenditures rose on most accounts such as raw materials usage and employee costs.
Net sales in the quarter went up 22 per cent to Rs 32,840 crore. Operating income jumped 21 per cent to Rs 33,000 crore, while the EBITDA margin recorded a modest growth at 13.5 per cent against 16.3 per cent in same quarter last year.
On a standalone basis, the net profit rose 40 per cent to Rs 2,219 crore, even as the net sales were up 20 per cent to Rs 7,792 crore.
At 3:01 PM on Friday, Tata Steel shares at the BSE were down 0.86 per cent to Rs 480.40.
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