Tata Steel Q3 net profit rises to Rs.14.02 bnMarch 12th, 2008 - 9:09 pm ICT by admin
Mumbai, March 12 (IANS) India’s steel major Tata Steel Ltd posted a net profit of Rs.14.02 billion ($350 million) for the quarter ending Dec 31, compared to Rs.10.55 billion in the corresponding period of the previous fiscal. Total income for the quarter increased from Rs.60.72 billion to Rs.320.96 billion.
Diluted earnings per share (after exceptional items) stood at Rs.20.40 as against Rs.18.19 in the same quarter a year earlier.
The employee separation compensation was Rs.650 million for the third quarter, compared to Rs.500 million in the same quarter the previous fiscal.
Due to the rupee appreciation against major foreign currencies in the quarter, the company had a net exchange gain of Rs.450 million.
Excluding the turnover of Tata Steel UK (Rs.238.67 billion) for the quarter, turnover registered an increase of Rs.21.57 billion. The increase was mainly due to the rise in Tata Steel Indian operations (Rs.4.72 billion), Natsteel (Rs.11.35 billion) and Tata Steel Thailand (Rs. 5.54 billion).
The increase in Tata Steel Indian operations was primarily due to increase in prices, whereas the increase in Natsteel and Tata Steel Thailand was attributable to both price increases as well as increase in volume.