Tata steel net revenue boosted by Corus

Mumbai, Aug 29: Tata Steel Ltd said its consolidated quarterly earnings rose more than six times, boosted by acquisition of UK based steel major Corus to become the sixth largest steel producer in the world.

Releasing consolidated results for the first time after the acquisition, the company said in a statement that post-tax profit rose to Rs 6,388 crore ($1.55 billion) for April-June, from Rs 1,014 crore in the year-ago quarter.

The acquisition of Corus was completed by the company in April this year for USD 12.9 billion.

Consolidated net revenue that also includes other international operations such as NatSteel and Tata Steel (Thailand) rose more than five times to Rs 31,555 crore from Rs 5,748 crore a year earlier.

In July, Tata Steel had said its standalone net profit rose 28 per cent to Rs 1,222 crore in the fiscal first-quarter ended June. The shares of Tata Steel were up 2.4 per cent at Rs 620 on the BSE. The shares have risen nearly 29 per cent this year.

UNI