Tata Steel has posted a consolidated net profit of Rs 3734.62 crore for FY06 up 3.64 % from Rs 3603.26 crore in FY05. According to an official release issued to the BSE today, total income (net of excise) has increased to Rs 20491.04 crore for FY06 from Rs 16181.05 crore in FY05. Net profit for Q4FY06 dropped to Rs 813.22 crore as compared to Rs 920.50 crore for Q4FY05. Total income (net of excise) for Q4FY06 increased to Rs 5615.59 crore from Rs 4667.20 crore in Q4FY05. The board has recommended a dividend of 130% for FY06, the release said.The board has also, at its meeting held today, proposed to explore ways of raising long term finance of up to $ 1 billion in the foreign markets in some appropriate form. This is in accordance with the approval given earlier by the shareholders.A Committee of the Board has been set up to examine various options for raising funds and to determine the appropriate form of the securities to be issued, provided the terms prevailing in the market are acceptable, the release added.
