Tata Steel Q1 net dips 47%
Mumbai: With steel prices almost halved
from the year-ago period, Tata Steel today recorded a 47 per
cent dip in standalone net profit for the quarter ended June
30 and hoped for an improved show in coming quarters.
The company had clocked Rs 1,488 crore net profit for the
quarter ended June 30, 2008 as against Rs 790 crore in the
first quarter of the current fiscal.
The largest steel steel maker of the country sold 1.41
million tonnes of the alloy in the quarter ended June 30, 2009
as compared to 1.15 million tonne a year-ago period, but total
income declined to Rs 5,661.89 crore during the quarter from
Rs 6,165.14 crore in the corresponding period last year.
Exports were halved in terms of value at Rs 334.95 crore
as compared to Rs 868.13 crore in the quarter ended June 30,
2008, though in volume terms, the difference was not much,
Tata Steel Managing Director B Muthuraman said here.
Raw material consumption was at 1,532 crore for the first
quarter of the current fiscal as against Rs 1,004 crore in the
same period last fiscal mainly because of dearer coal, which,
Muthuraman said, had been exhausted and as such, the second
quarter results of the current fiscal would be better.
Not only on savings on the cost of production, the
company also hopes to clock around 22 per cent rise in sales
during the current fiscal over the last fiscal as Jamshedpur
plant capacity improved to 6.8 million tonnes per annum.
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