Tata Steel net profit at Rs 1222 cr

Chennai, July 31: Leading steel manufacturer Tata Steel has increased its net profit by 28.1 per cent to Rs 1,222.11 crore for the first three months ended June 30, 2007 from Rs 953.41 crore in the year-ago period.

Net sales and income from operations stood at Rs 4,197.58 crore against Rs 3,899.45 crore, a company release here today said.

The results do not include the consolidated financial performance of the company.

The consolidated results, including Corus for the quarter ended June 30, 2007, will be published by the end of August.

The company has allotted 2.85 crore shares of Rs 10 each, at a premium of Rs 474.27 per share to Tata Sons in April as Tata Sons exercised the option to convert 2.85 crore warrants into ordinary shares of the company.

The profit includes a gain of Rs 686.43 crore on account of unrealised exchange differences on foreign currency borrowings and a realised loss of Rs 133.41 crore on foreign currency deposits mainly in relation to the acquisition of Corus, the release added.

UNI