Tata Sponge Iron today reported a 62 per cent rise in consolidated profit to Rs 21.20 crore for the quarter ended March 31, 2017.
The company had posted consolidated profit of Rs 13.08 crore in the year-ago period, Tata Sponge Iron, said in a filing to BSE.
The consolidated total income of the company during the quarter increased to Rs 194.68 crore, as against Rs 165.27 crore in the corresponding period of FY16.
Tata Sponge, which has its manufacturing facility at Bilaipada in Joda block of Keonjhar district in Odisha, was initially set up as a joint venture between Tata Steel and Industrial Promotion and Investment Corporation of Orissa Ltd (IPICOL) in the name of Ipitata Sponge Iron Limited.
It has moved on since becoming an associate company of Tata Steel following the acquisition of IPICOL's stake in 1991.
The name of the company has been changed to Tata Sponge Iron Ltd in 1996. Subsequently, Tata Sponge Iron Ltd became the subsidiary of Tata Steel Ltd in 2012.
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