Tata Steel Q1 net dips 47%
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Last Updated: Wednesday, July 29, 2009, 21:25
  
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.

Bureau Report


First Published: Wednesday, July 29, 2009, 21:25


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