Tata Steel net up 50 per cent in Q2 2008-09

25 October 2008

Mumbai: Tata Steel has reported a 50.13 per cent rise in its second quarter (July-September) net profit at Rs1,787.81 crore against Rs1,190.83 crore in the same period last year.

Tata Steel attributed the increase in net profit to an increase in the proportion of value-added products and higher net realisation on blended value-added products.

Sales receipts too were higher by 43 per cent at Rs6,744.16 crore against Rs 4,724.85 crore. However, volume sales were flat at 1.22 million tonnes but up sequentially by 5 per cent.

Steel production for the quarter was up four per cent at 1.33 million tonnes and 11.7 per cent higher on a sequential basis.

The figures do not include the results of Tata Steel UK or Corus, the company said ion a release.

Income from the transfer of Tata Steel's stake in Tata Steel (Thailand) Public Company to Tata Steel Global Holdings, of Rs136.33 crore has, however, been  included in `other income' of Rs238.37 crore (Rs80.50 crore).