Tata Steel’s Q1 net profit up by 126.18 per cent

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Kolkata, August 11: In face of major stake sales, steel major Tata Steel Ltd (TSL) Tuesday posted an exceptional rise of 126.18 per cent in its net consolidated profit at Rs 762.96cr for the quarter ended June 30 even though its revenue took a dip.
The company’s net profit in the same quarter last fiscal stood at Rs 337.33cr while it suffered a Rs 5,702.28cr loss in the quarter ended March 31 this year.
The company’s total consolidated earning took a hit falling by 16.82 per cent at                      Rs 30,300.33cr in the quarter under review as against Rs 36,427.21cr in the corresponding quarter in the last fiscal.
The company, however, was able to curtail its consolidated expenses by 14.34 per cent at Rs 28,872.59cr during the April-June period against Rs 33,704.92cr in the corresponding months in 2014.
Production of its major revenue earner – steel, however fell by 16.29 per cent on a consolidated basis, while the dip was less by 12.03 per cent on a standalone basis.
Although the company remained on a positive note in its consolidated profit, as a standalone unit, it suffered a loss by a whopping 44.95 per cent at Rs 1,248.61cr. The standalone net profit during April-June last year stood at Rs 2,267.98cr.
On a standalone basis, its revenue also fell by 13.13 per cent at Rs 9,093.71cr in the three months under consideration compared to Rs 10,468.26cr in the year-ago
period.
In the first three months of the current fiscal, the company made profits of Rs 105.14cr and Rs 52.64cr by selling its stakes in Tata Projects Ltd and in two joint-ventures in Europe. In another instance, its stake sell in the Dharma Port Company Ltd fetched it   Rs270.21cr profit.
Sale of quoted investments also fetched it an income of Rs 696.79cr. IANS