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Tata Steel Q1 net triples to Rs 745 cr

Our Bureau

Mumbai , July 22

TATA Steel has reported a net profit of Rs 745.49 crore for the first quarter ended June 30, 2004, as against the previous corresponding Rs 267.07 crore.

Net sales/income from operations amounted to Rs 3,164.65 crore (Rs 2,257.10 crore).

Interest outgo dipped to Rs 48.95 crore (Rs 76.46 crore). Depreciation increased to Rs 157.56 crore (Rs 144.59 crore). Revenue from its steel business rose to Rs 2,900.38 crore (Rs 2,073.59 crore). According to an official statement, the company's steel production stood at 9,93,161 tonnes (9,64,614 tonnes) and its steel sales at 8,82,750 tonnes (8,79,909 tonnes). Subject to shareholders' consent, Tata Steel's board has approved August 12, as record date for the purpose of issuing bonus shares in the ratio of 1:2, it said.

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