Tata Steel Q2 net profit doubles
By Our Corporate Bureau | 31 Oct 2003
Mumbai:
Tata
Steel has ended the second quarter of 2003-04 with a 101
per cent increase in net profit at Rs 403.10 crore against
Rs 200.66 crore in the year-ago period.
Profits were driven by better margins from increase in volumes, superior product mix and higher prices, Mr B. Muthuraman, Managing Director, Tata Steel, said at a press briefing.
Second quarter net sales/income from operations was Rs 2,612.99 crore (Rs 2,078.82 crore for the period), product mix and volume contributing 50 per cent while price increase accounted for the balance.
Steel production was 1030317 tonnes (9,89,333 tonnes) and sales were 1044658 tonnes (9,41,262 tonnes). The company acquired a 12,000 tonne-wire drawing unit in Sri Lanka.
Tata Steel, which is in the process of expanding steel capacity by one million tonnes at a cost of Rs 1,800 crore, is examining the possibility of a further expansion of two million tonnes at Jamshedpur.