January 18, 2005
Profits increase significantly
Tata Sponge Iron Limited has recorded a 32% growth in its net sales at Rs. 69 crore for the third quarter ended 31st December 2004, compared to Rs. 52 crore in the same period for the previous year. The growth in sales has also reflected in the company’s Profit Before Tax, which has increased by 101% at Rs. 23.92 crore compared to Rs. 11.88 crore during the corresponding period last year. The Earnings Per Share (EPS) at Rs. 10.03 has registered a net increase of 86% over the previous year figure of Rs. 5.38.
With a good financial performance during the third quarter, there has been a remarkable improvement in all major indices during the first nine months of the current financial year. The company has accumulated a Profits After Tax of Rs. 44.8 crore which is again 86% higher than the previous year’s figure of Rs. 24.1 crore. Similarly, the Earnings Per Share has also grown to Rs. 29.10 as compared to Rs. 15.65 for the previous 9-month period.
Besides the superior financial results of the 3rd quarter, Tata Sponge’s fine performance also includes the winning of the Greentech Environmental Excellence National Award (Gold category), a runners-up Safety Award from the Ministry of Labour, Government of India, a 1st prize from the State Safety Committee, Government of Orissa, besides once again being enlisted by the Institute of Company Secretaries of India in the top 25 companies out of around 5,000 companies in India for practicing best corporate governance.