Tata Steel consolidated net jumps three-fold after Corus acquisition

27 June 2008

Mumbai: Tata Steel, the world's sixth largest steel producer, has announced a near three-fold rise in its consolidated net profit for the 2007-08 financial year, following the purchase of Anglo-Dutch steelmaker Corus.

The Tata Steel group reported a net profit of Rs12,321.76 crore ($2.9 billion) for the year ended 31 March 2008, against Rs4,165.61 crore in the previous year.

The consolidated results include Corus and its other operations in Southeast Asia.

Consolidated net profit for fiscal fourth quarter, , which did not include Corus, fell to Rs1,274 crore ($298 million) from Rs1,420 crore in the previous quarter ended 31 December.

The company is now close to the country's most valuable company Reliance Industries (RIL), which had consolidated revenues of Rs1,37,147 crore in FY08.

Buoyant steel prices have also made Tata Steel the second-most profitable company with a consolidated net profit of over Rs12,350 crore during FY08.