July 27th, 2004
High Jump in Q1 Profits
Tata Sponge Iron Limited has recorded a 82% growth in its net sales at Rs. 64.15 crore for the first quarter ended 30th June 2004, compared to Rs. 35.27 crore in the same period for the previous year. The growth in sales has also reflected in the company’s PBT which has increased 240% at Rs. 30.32 crore compared to Rs. 8.88 crore during the corresponding period last year. The Earnings Per Share (EPS) has registered a net increase of 226% over the previous year at Rs. 12.06 per share.
With a good financial performance during the first quarter, there has been a remarkable improvement in all major indices during the first three months of the current financial year. The company has accumulated a net profit of Rs. 18.57 crore which is 226% higher than the previous year’s figure of Rs. 5.7 crore. Company sources inform that this has been possible primarily due to a higher production level during the first quarter and control over cost compared with the first quarter for 2003-04, better control over cost and also due to higher sales realization.