Tata Steel records 101% increase in its net profit
According to the latest market news, Tata Iron&Steel Co Ltd reported its net profit for the second quarter ending September, 30 as Rupees 4.031 billion ($89.1 million) with an increase by 100.8%, when compared with Rupees 2.006 billion ($44.3 million) recorded in the same period of previous fiscal. Net sales have increased to Rupees 26.1 billion ($577 million), against Rupees 20.7 billion ($459 million) recorded in the corresponding period of last fiscal. Company's steel production has amounted 1'030'317 tons in the second quarter, against 989'333 tons recorded in the second quarter of previous fiscal. Furthermore, steel sales of the company have reached up to 1'044'658 tons. This rate was recorded as 941'262 tons in the same period of previous fiscal. However, turnover of the company has decreased to Rupees 3.3 billion ($73.3 million) from Rupees 3.42 billion ($75.8 million) recorded in the same period of previous fiscal.