Tata Sponge Iron raises by more than 49% in consolidated Net Revenue

Apr 26 2016 02:10 PM
Tata Sponge Iron raises by more than 49% in consolidated Net Revenue

Tata Sponge Iron, an associate firm of Tata Steel, today reported a 49.47 % raise in consolidated net revenue at Rs 12.81 crore for the quarter ended March 31, on account of lesser expenses.The company had posted a net profit of Rs 8.57 crore during January-March 2015.Its net sales dipped by 12.18 per cent to Rs 140.37 crore during January-March 2016 as against Rs 159.85 crore during the fourth quarter of 2014-15.

The firm's total operating cost stood at Rs 128.73 crore through the quarter, down 22.52 %, as against Rs 166.15 crore in the corresponding quarter.Extra, its income from sponge business fell by 17.48 % to Rs 122.88 crore, while power business revenue grew by over four fold to Rs 20.96 crore amid the quarter under evaluation.

For the whole 2015-16 fiscal, the company's net profit stood at Rs 30.88 crore against Rs 91.94 crore in the 2014-15 periods.Net sales in 2015-16 refused to Rs 571.79 crore as adjacent to Rs 766.23 crore in the year earlier to it.

Share of the company were trading 3.53 % losing at Rs 550.25 apiece on BSE.

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