Tata steel net profit increases by Rs 600 crore

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Jamshedpur, Oct 24 (UNI) Giving some respite to the apprehensive steel sector in the wake of financial slowdown and fears of recession in the sector , Steel major Tata steel today annouced its Quarter two results for the current fiscal, reporting an increase in the net profit to the tune of Rs 600 crore as compared to the same period last fiscal.

According to the Q2 results of the company (without including the financial performence of the Tata Steel Uk Ltd or Corus), the net profit was Rs 1787.81 crore.

It was Rs 1190.83 crore during the corresponding period of last fiscal. The net export turnover had also risen to Rs 1103.82 crore from Rs 597.87 crore.

Total steel production and sale were 13,29,565 ton and 12,20,050 ton respectively as compared to 12,79,672 ton and 12,18,326 ton of the corresponding period of last fiscal.

Net sales/income of the company from steel business, ferro alloys and minerals and other heads during the quarter ending on september 30, 2008, was Rs 6850.67 crore. It was Rs 4785.90 crore on the corresponding quarter last fiscal.

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