Tata Steel FY08 net up 11.01% at Rs 4,687.03 cr

New Delhi, Jun 26 (UNI) Tata Steel Ltd today said its net profit for the year ended March 2008 increased 11.01 per cent to Rs 4,687.03 crore as compared to Rs 4,222.15 crore during the previous fiscal.

The company's total income for FY08 grew 11.36 per cent to Rs 20,028.28 crore whereas it was Rs 17,984.76 crore in FY07, it said in a statement.

The Group posted a net profit of Rs 12,349.98 crore for the year ended March 2008 as compared to Rs 4,177.27 crore for the year ended March 2007, recording a growth of 195.64 per cent.

Its total income for FY08 saw a whopping 415.04 per cent increase to Rs 1,32,110.09 crore as against Rs 25,650.45 crore in FY07.

Tata Steel's Board of Directors has recommended dividend of two per cent on Cumulative Convertible Preference Shares (CCPS) of Rs 100 each payable on pro-rata basis from the date of allotment, that is January 18 to March 31, subject to the approval of shareholders at the Annual General Meeting.

Besides, it has also recommended 160 per cent dividend on ordinary shares of Rs 10 each for FY08.

UNI SG SR CS1705