Tata Sponge Iron today reported a 68 per cent drop in its standalone net profit at Rs 5.24 crore for the quarter ended December 31, 2015.
The firm had clocked a net profit of Rs 16.51 crore in the year-ago period, it said in a BSE filing.
Total income of the company declined by 35 per cent to Rs 139 crore in the October-December quarter this fiscal from Rs 215.14 crore during the same quarter in 2014-15.
Total expenses of the firm, however were lower at Rs 140 crore from Rs 200.29 crore during the quarter under review.
Tata Sponge Iron, an associate company of Tata Steel, has a manufacturing facility at Bilaipada in Keonjhar District of Orissa. Its total production capacity is 3,90,000 tonnes per annum from 3 kilns. The firm is self sufficient in power with captive power plants producing 26 MW of power from 2 plants.
Shares of the company today fell by 2.36 per cent to settle at rs 405.55 apiece at the BSE.
