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Tata Iron & Steel Q4 net at Rs 1,225 million news
Pradeep Rane
30 May 2002
Mumbai: Tata Iron and Steel Company Ltd has posted a net profit of Rs 1,224.70 million for the quarter ended 31 March 2002 as compared to a net profit of Rs 2,090.10 million for the corresponding period last fiscal. The total income (net of excise) has decreased from Rs 20,962 million in MQ01 to Rs 19,527.70 million in MQ02.

The company has posted a net profit of Rs 2,049 million for the financial year ended 31 March 2002 as compared to Rs 5,534.40 million for the corresponding period last fiscal. The total income (net of excise) has decreased from Rs 68,892.20 million in FY01 to Rs 67,935.30 million in FY02.

Profits for the current year includes the extraordinary item employee separation compensation, which stood at Rs 2,270.20 million, whereas the same was Rs 2,015.20 million for FY01. Current year profits also includes profit on sale of long-term investments, which stood at Rs 157.10 million, whereas the same was Rs 18.80 million in FY01.

Tata Steel had recently increased its stake in its subsidiary Tata Sponge Iron (TISL) by less than 0.1 per cent to 39.74 per cent. TISL was originally a joint venture between Tisco and the Industrial Promotion and Investment Corporation of Orissa (Ipicol). It became a Tisco subsidiary in 1991 after Tisco acquired Ipicol's 26-per cent stake. The shareholding pattern now stands at 39.74 per cent (Tisco), 21.39 per cent (financial institutions) and 38.87 per cent (public).

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Tata Iron & Steel Q4 net at Rs 1,225 million