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Tata Sponge Iron Limited on Thursday reported a sharp fall of over 47 per cent in its consolidated net profit to Rs 24.39 crore during the fourth quarter ended March 31, due to higher expenses.
The company had posted Rs 46.69-crore net profit in the year-ago quarter, Tata Sponge said in a Bombay Stock Exchange (BSE) filing.
During January-March 2019, the company’s total income stood at Rs 269.05 crore as against Rs 255.17 crore in the same quarter of 2017-18.
The company’s total expenses during the quarter under review were at Rs 233.00 crore, compared to Rs 185.21 crore in the same period previous fiscal.
An associate company of Tata Steel, Tata Sponge is India’s one of the largest merchant sponge iron manufacturers.
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