Steel has reported a 29-per cent increase in net profit
for the quarter ended 30 June. Net profits rose from Rs953.41
crore in the June quarter last year to Rs1,222.11 crore
this year on a higher net income of Rs4,197.58 (an increase
of 7.9 per cent) crore, against Rs3,889.45 crore logged
for the same period last year.
was despite total steel production for the quarter dropping
marginally to 10,64,832 tonnes against 11,08,514 tonnes
and sales coming down to 10,40,963 tonnes against 11,15,066
tonnes. The export turnover was lower at Rs362.01 crore
against Rs456.94 crore.
steel maker said its average price realization on the
sale of steel improved roughly by Rs5,350 per tonne thereby
generating additional revenue of a little over Rs550 crore,
which is more than the increase in net profits.
appreciation of the rupee helped the company gain Rs686.43
crore due to unrealised exchange differences on foreign
currency borrowings and a realised loss of Rs133.41 crore
on foreign currency deposits, mainly arising out of the
Corus acquisition, giving rise to a net gain of Rs553.02
Ratan Tata, chairman, Tata Steel, said in a statement
that the consolidated results, including for Corus will
be published by end August.