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Tata Sponge Iron Q4 net up 49.5%

Tata Sponge

NEW DELHI:  Tata Sponge Iron, an associate firm of Tata Steel, today reported a 49.47 per cent increase in consolidated net profit at Rs. 12.81 crore for the quarter ended March 31, 2016 on account of lower expenses.

The company had posted a net profit of Rs. 8.57 crore during January-March 2015.

Its net sales dipped 12.18 per cent to Rs. 140.37 crore during January-March 2016 from Rs. 159.85 crore during the fourth quarter of 2014-15.

The firm’s total expenses stood at Rs. 128.73 crore during the quarter, down 22.52 per cent, against Rs.166.15 crore in the corresponding quarter previous fiscal.

Further, its revenue from sponge business fell 17.48 per cent to Rs. 122.88 crore, while power business revenue grew over four-fold to Rs. 20.96 crore during the quarter under review.

For the entire 2015-16 fiscal, the firm’s net profit stood at Rs. 30.88 crore against Rs. 91.94 crore in the 2014-15 period.

Net sales in 2015-16 declined to Rs. 571.79 crore against Rs. 766.23 crore in the previous year.

Shares of the company were trading 3.53 per cent down at Rs. 550.25 apiece on the BSE.

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