Tata Steel Q1 net up six-fold
Tata Steel on Wednesday reported an over six-fold leap in its consolidated profit after tax (PAT) at Rs 6,388 crore for the first quarter of 2007-08 on acquisition of Anglo-Dutch steel maker Corus Group Plc early this year.
The Tata group company, which is now the world’s sixth- biggest maker of the alloy, had recorded a consolidated profit after tax of Rs 1,014 crore in the same period last fiscal.
Consolidated turnover also registered a jump of over five-fold at Rs 31,155 crore in the first quarter of 2007-08 against Rs 5,748 crore during the same period last fiscal.
“The un-audited consolidated financial statements of the company for the quarter include audited financial results of Tata Steel Ltd and the provisional financial results of Corus,” a press release issued by Tata Steel said.
Consolidated operating profit increased to Rs 4,904 crore during the first quarter 2007-08, compared with Rs 1,712 crore in the corresponding period of previous year.
The results also include extraordinary item of Rs 4,121 crore, primarily representing actuarial gains owing to an increase in the yield rates on bonds held by various pension funds of Corus, the release said.
Tata Steel had acquired Corus early this year for $12.1 billion in what has been touted as the country’s biggest overseas takeover deal. The deal catapulted the company to the sixth spot among the world’s top steel players.