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Tata Steel Q1 net up by 316%

July 23, 2003 17:23 IST

Tata Iron and Steel Company Ltd has posted a 315.93 per cent rise in its net profit at Rs 267.07 crore (Rs 2.67 billion) for the first quarter of year 2003-04 as compared to Rs 64.21 crore (Rs 642 million) registered in April-June 2002.

The net sales for the reporting quarter grew by 27.8 per cent at Rs 2,257.18 crore (Rs 22.57 billion) as compared to Rs 1,764.93 crore (Rs 17.65 billion) in the first quarter of 2002-03, a company release said on Wednesday.

The steel production and sales in the reporting quarter stood at 964,000 tonnes (874,000 in Apr-June 2002) and 879,000 tonnes (826,000 tonnes) respectively, it said.

The interest costs were down to Rs 76.46 crore (Rs 764 million) from Rs 85.31 crore (Rs 853 million) incurred in the Q1 of 2002-03.

Tata Steel said the net profit was lower in the reporting quarter by Rs 32.30 crore (Rs 323 million) as net present value of the future liability for pension payable to the employees was charged to the profit and loss account.

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