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Tata Sponge Iron Q4 net up 49.47% at Rs 12.81 crore

However, its net sales dipped by 12.18% to Rs 140.37 crore during January-March 2016

Tata Steel to sell shares in Tata Motors worth up to Rs 1,250 cr

Press Trust of India New Delhi
Tata Sponge Iron, an associate firm of Tata Steel, on Tuesday reported a 49.47% increase in consolidated net profit at Rs 12.81 crore for the quarter ended March 31, on account of lower expenses.

The company had posted a net profit of Rs 8.57 crore during January-March 2015.

Its net sales dipped by 12.18% to Rs 140.37 crore during January-March 2016, as against Rs 159.85 crore during the fourth quarter of 2014-15.

The firm's total expenses stood at Rs 128.73 crore during the quarter, down 22.52%, as against Rs 166.15 crore in the corresponding quarter.

Further, its revenue from sponge business fell by 17.48% to Rs 122.88 crore, while power business revenue grew by over four fold to Rs 20.96 crore during the quarter under review.
 

For the entire 2015-16 fiscal, the firm's net profit stood at Rs 30.88 crore, against Rs 91.94 crore in the 2014-15 period.

Net sales in 2015-16 declined to Rs 571.79 crore, as against Rs 766.23 crore in the year previous to it.

Shares of the company were trading 3.53% down at Rs 550.25 apiece on BSE.

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First Published: Apr 26 2016 | 11:57 AM IST

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