Financial Daily from THE HINDU group of publications
Tuesday, Jan 24, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 24, 2006 |
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Financial Performance Corporate Results - Steel Tata Steel Q3 net down 15 pc due to rising input costs Our Bureau
Mumbai , Jan. 23 TATA Steel Ltd reported a 15 per cent decline in its third quarter net profit at Rs 753.74 crore from Rs 890.51 crore in the year-ago period. Rising raw material costs, coupled with a fall in steel prices, eroded profits, analysts and company officials said. Sales increased to Rs 4,185.21 crore (Rs 4,090.46 crore). The company's Managing Director, Mr B. Muthuraman, had warned during the announcement of second quarter results that steel companies might not be able to see the kind of growth rates the sector saw in 2004-05. According to him, 2006 would continue to be a good year for steel companies. During the nine-month period, the steel major had reported a higher net profit of Rs 2,723.27 crore against Rs 2,565.58 crore in the year-ago period. Nine-month sales stood at Rs 12,541.74 crore (Rs 11,603.74 crore.) The share prices of Tata Steel fell on Monday by Rs 5.35 to Rs 357.2 on BSE.
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