Tata Steel Q2 net rises to Rs 4,703 crore

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Updated: 02/12/2008 | 09:01 PM IST

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Press Trust of India

Tuesday, December 02, 2008 (New Delhi)

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Riding on high prices and larger volumes, Tata Steel, India's biggest private steel firm, has posted excellent performance for the quarter ended September with the net profit zooming to Rs 4703.64 crore against Rs 1489.56 crore in the same period last year.

Sales rose to Rs 44,198.97 crore against Rs 32,441.61 crore in the same quarter of the last fiscal, a company release said here.

Speaking to reporters after a rescheduled board meeting today after the last week's terror attacks, Tata Steel Managing Director B Muthuraman said, "the company reported outstanding performance due to good prices, effective cost control measures, performance improvement and good integration benefits of European operations."

For the first half of the current fiscal (April to September), sales stood at Rs 87,755.65 crore against Rs 63,658.61 crore in the corresponding period.

Referring to the outlook for the company amid the current lull in steel prices, he said the Indian economy is expected to bounce back and steel prices should look up.

Besides, the company has initiated measures which would result in a saving of Rs 300 crore over the next five months.

He said the prices of raw material used by the company like iron ore and coal have also gone down considerably which will help in bringing down the cost of production.

Koushik Chatterjee, Group CFO and President, Finance, Tata Steel, said there are no liquidity issues with company having access to $1.5 billion of liquidity. There are no repayment concerns as well till December 2009, he said.