Tata Steel net revenue jump to Rs 31,155 cr

Kolkata, Aug 29: Tata Steel's consolidated net turnover rose to Rs 31,155 crore compared to Rs 5748 crore during the corresponding period of the previous year for the quarter ended June 30, 2007.

The consolidated Operating Profit increased to Rs 4904 crore as compared to Rs 1712 crore during the same period of the previous year while profit before tax and exceptional items increased to Rs 3157 crore as compared to Rs 1498 crore during the corresponding period of the previous year.

Results include audited financial outcome of India's biggest steel company declared on July 30, 2007, and un-audited provisional financial results of Corus (converted to Indian GAAP).

Net revenues jumped to Rs 31,155 crore from Rs 5748 crore in corresponding period of previous year, change of 442% and PAT jumped to Rs 6388 crore from Rs 1014 crore in corresponding period of previous year, change of 530%.

The consolidated interest expense for the quarter ended June 30, 2007, was Rs 892 crore which included interest charge of Rs 725 crore on loans taken for financing acquisition of Corus. The results also include extraordinary item of Rs 4121 crore primarily representing actual gains due to increase in the yield rates on bonds held by various Pension Funds of Corus.

The previous period figure did not include Corus and the current period includes provisional un-audited financial results of Corus.

The company's proposing subject to market conditions and other considerations, an offer on a right basis of its equity shares and cumulative convertible preference shares and has filed a draft Letter of Offer with SEBI and the stock exchanges.

The Board of Tata Steel today reviewed the provisional un-audited Consolidated Financial Statements of the Company for the quarter ended June 30, 2007. The un-audited consolidated financial statements of the company for the quarter include inter alia the audited financial results of Tata Steel Limited and the provisional financial results of Corus drawn under Indian GAAP by trnslation from the un-audited IFRS accounts of Corus.

UNI