Tata Steel net up 179% in first quarter

Tata Steel has posted a 179 per cent growth in net profit during the first quarter of the current financial year. The company, during the quarter ended June 30, recorded a net profit of Rs 745.49 crore, against Rs 267.07 crore in the corresponding period of the previous year.

The company's net sales for the period stood at Rs 3,164.65 crore, a 40 per cent growth over Rs 2,257.10 crore in the corresponding period of the previous year. In addition, the company's interest costs for the quarter was down 35 per cent at Rs 48.95 crore, compared with payments of Rs 76.46 crore.

Depreciation increased 8.9 per cent to Rs 157.56 crore, against Rs 144.59 crore. Expenditure costs in the quarter increased 11.4 per cent to Rs 1,762.68 crore, compared with Rs 1,582 crore in the corresponding quarter of the last year.