The Hindu : Business : Tata Steel group profit shoots up

Online edition of India's National Newspaper
Wednesday, Dec 03, 2008
ePaper | Mobile/PDA Version

Business

Business

Tata Steel group profit shoots up

Special Correspondent

MUMBAI: Stringent cost cutting measures, good steel prices and a pursuit of operational efficiency have seen the Tata Steel group (including Tata Steel U.K.) report an improvement in its performance for the second quarter of the current financial year.

For the quarter ended September 30, 2008, the net profit shot up to Rs. 4,703.60 crore from Rs. 1,489.50 crore) on 36 per cent higher net sales of Rs. 44,199 crore (Rs. 32,441.6 crore).

The operating profit has nearly doubled to Rs. 7,187 crore from Rs. 3,660.50 crore). Net finance charges were lower at Rs. 821 crore (Rs. 1,370 crore).

For the first half of the year, the net profit more than doubled to Rs. 8,618 crore from Rs. 3,899 crore on a 38 per cent higher turnover of Rs. 87,755.65 crore against Rs. 63,658.61 crore.

Integration benefits

Addressing the media, B. Muthuraman, Managing Director, Tata Steel, said “this performance was backed by good prices, cost control measures, performance management and integration benefits from the European and Indian operations.”

The company’s domestic production was up at 2.61 million tonnes during the half-year under review against 2.43 million tonnes and there was an improvement in savings of $85 million or Rs. 425 crore.

Addressing a tele-conference, Philippe Varin, CEO, Tata Steel U.K. (formerly Corus) said the company’s operating profit in the first half of the year was up 63 per cent at $1,417 million ($869 million)..”

Printer friendly page
Send this article to Friends by E-Mail

Business