Tata Steel Q2 net more than doubles to over Rs2,065 crore

Tata Steel Ltd has posted a net profit of Rs2,065.13 crore for the quarter ended 30 September 2010 against Rs902.94 crore in the quarter ended 30 September 2009 - an increase of 128.71 per cent year-on-year.

Total income of the company increased over 35.9 per cent to Rs7,839.42 crore during the quarter ended 30 September 2010 from Rs5,768.16 crore in the quarter ended 30 September 2009.

On a consolidated basis, the Tata Steel group, which includes the company's overseas arms as well, posted a net profit of Rs1,978.81 crore for the quarter ended 30 September 2010 against a net loss of Rs2,707.25 crore for the quarter ended 30 September 2009.

Group profit after tax for Q2 FY'11 of Rs1,979 crore ($440 million) was also around 8.5 per cent higher than the profit of Rs1,825 crore for the first quarter of the current financial year (Q1-2010-11).

During the first half of the financial year 2010-11, the Tata Steel group recorded a profit after tax (after minority interest and share of profit of associates) of Rs3,804 crore ($847 million) against a net loss of Rs4,916 crore ($1.09 billion) in H1-FY'10, an improvement of Rs8,720 crore ($1.94 billion).

Group consolidated turnover of Rs28,646 crore ($6.4 billion) in Q2-FY'11 rose Rs1,453 crore ($323 million), or 5 per cent, from Q1-FY'11 on increased deliveries in India and price improvements in other geographies, the company said.