Tata Iron and Steel Company Ltd (Tata Steel) has
reported a 394-per cent rise in its net profit to Rs 1,012.31
crore for the financial year 2002-03, a year of good steel
prices, as against the previous corresponding Rs 204.90
board recommended a dividend of 80 per cent, entailing
an outflow of Rs 335 crore, including dividend tax. FY03
net sales/income from operations was up 30.22 per cent
to Rs 8,721.32 crore (Rs 6,697.49 crore).
Steel managing director B Muthuraman, while acknowledging
FY03''s buoyant steel prices, stresses that the results
were founded on better product and market mix and, hence,
not to be wholly doubted for its sustainability.
points out that while the average HRC price was near similar
in FY96, FY01 and FY03, Tata Steel''s operating profit
was Rs 1,154 crore,
Rs 1,707 crore and Rs 2,302 crore, respectively. "Key
differentiators were rising volume and product mix."