Kolkata, Aug 11 (IANS) In face of major stake sales, steel major Tata Steel Ltd (TSL) on Tuesday posted an exceptional rise of 126.18 percent in its net consolidated profit at Rs.762.96 crore for the quarter ended June 30 even though its revenue took a dip.
The company’s net profit in the same quarter last fiscal stood at Rs. 337.33 crore while it suffered a Rs.5,702.28 crore loss in the quarter ended March 31 this year.
The company’s total consolidated earning took a hit falling by 16.82 percent at Rs.30,300.33 crore in the quarter under review as against Rs.36,427.21 crore in the corresponding quarter in the last fiscal.
The company, however, was able to curtail its consolidated expenses by 14.34 percent at Rs. 28,872.59 crore during the April-June period against Rs. 33,704.92 crore in the corresponding months in 2014.
Production of its major revenue earner – steel, however fell by 16.29 percent on a consolidated basis while the dip was less by 12.03 percent on a standalone basis.
Although the company remained on a positive note in its consolidated profit, as a standalone unit, it suffered a loss by a whopping 44.95 percent at Rs.1,248.61 crore. The standalone net profit during April-June last year stood at Rs.2,267.98 crore.
On a standalone basis, its revenue also fell by 13.13 percent at Rs.9,093.71 crore in the three months under consideration compared to Rs.10,468.26 crore in the year-ago period.
In the first three months of the current fiscal, the company made profits of Rs.105.14 crore and Rs.52.64 crore by selling its stakes in Tata Projects Ltd and in two joint-ventures in Europe. In another instance, its stake sell in the Dharma Port Company Ltd fetched it Rs. 1,270.21 crore profit.
Sale of quoted investments also fetched it an income of Rs.696.79 crore.