Tata Steel Q2 net rises 130%

BS 200 SCORECARD

Tata Steel has posted a 130.6 per cent rise in net profit at Rs 929.59 crore in the second quarter to September 2004, compared with Rs 403.10 crore in the year-ago quarter. Income from operations grew 43 per cent to Rs 3,738.32 crore from Rs 2,612.99 crore.

B Muthuraman, managing director of Tata Steel, said, "Around 50 per cent of the rise in the profit has been due to rising steel prices, while the balance is due to a better product mix and reduction in cost inefficiencies."

The company's steel production in the reporting quarter was 1.08 million tonne, compared with 1.03 million tonne in the year-ago quarter. Exports turnover rose 77.5 per cent to Rs 596.81 crore from Rs 336.13 crore.