Tata Steel on Thursday reported a whopping 155 per cent jump in net profit at Rs. 1,191.75 crore for the third quarter ended December 31.
The company had a net profit of Rs. 466.24 crore in the same period previous fiscal.
Total income of the company rose to Rs. 6,374.88 crore for the quarter ended December 31, 2009 from Rs. 4,810.40 crore in the corresponding quarter last fiscal, Tata Steel said in a filing to the Bombay Stock Exchange.
The figures do not include the consolidated financial performance of the company. The consolidated financial results of the company, including Tata Steel Europe Ltd. (Corus) would be declared in the next month, it said.
However, for the nine-month period ending December, the country’s leading private steel maker posted a net profit of Rs. 2,884.52 crore, a plunge of 22.92 per cent compared to Rs. 3,742.45 crore of the year-ago period.
The company said its net profit for April-December could have been higher by Rs. 494.87 crore had it not implemented Companies Amendment Rules 2009.
“Had the company followed the previous practice of recognising the translation gain/loss in the profit and loss account, the net profit for the period ended December 31, 2009 would have been higher by Rs. 494.87 crore (by Rs. 215.68 crore during the quarter),” the statement said.
During the third quarter, the company’s steel production stood at 1.68 million tonnes against 1.23 million tonnes during the same quarter in the last fiscal.