Mumbai: Tata Steel today reported a whopping
155 per cent jump in net profit at Rs 1,191.75 crore for the
third quarter ended December 31.
The company had a net profit of Rs 466.24 crore in the
same period previous fiscal.
Total income of the company rose to Rs 6,374.88 crore for
the quarter ended December 31, 2009 from Rs 4,810.40 crore in
the corresponding quarter last fiscal, Tata Steel said in a
filing to the Bombay Stock Exchange.
The figures do not include the consolidated financial
performance of the company. The consolidated financial results
of the company, including Tata Steel Europe Ltd (Corus) would
be declared in the next month, it said.
However, for the nine-month period ending December, the
country`s leading private steel maker posted a net profit of
Rs 2,884.52 crore, a plunge of 22.92 per cent compared to Rs
3,742.45 crore of the year-ago period.
The company said its net profit for April-December could
have been higher by Rs 494.87 crore had it not implemented
Companies Amendment Rules 2009.
"Had the company followed the previous practice of
recognising the translation gain/loss in the profit and loss
account, the net profit for the period ended December 31, 2009
would have been higher by Rs 494.87 crore (by Rs 215.68 crore
during the quarter)," the statement said.
During the third quarter, the company`s steel production
stood at 1.68 million tonnes against 1.23 million tonnes
during the same quarter in the last fiscal.