The net profit of Tata Steel in the quarter ended December 31, 2009 zoomed to Rs 1,191.75 crore from Rs 466.34 crore.
Total income has risen to Rs 6,374.88 crore from Rs 4,810.40 crore. Export turnover accounted for Rs 626.09 crore against Rs 391.65 crore. Steel output during the quarter has increased to 1.69 million tonnes from 1.23 million tonnes.
Revenue from steel business has grown to Rs 5,832.53 crore from Rs 4,465.31 crore, ferro alloys and minerals to Rs 523.84 crore from Rs 399.43 crore.
Steel business contributed a gross profit of Rs 2,014.12 crore against Rs 1,284.64 crore and ferro alloys and minerals Rs 113.88 crore against Rs 143.47 crore.
For the nine months ended December 31, 2009, the company has achieved a net profit of Rs 2,884.52 crore on a turnover of Rs 17,491.35 crore against a net profit of Rs 3,742.45 crore on a turnover of Rs 17,563.73 crore in the corresponding period in 2008-09.
JV with Nippon Steel
Meanwhile, Tata Steel Board has approved a framework for co-operation between the company and Nippon Steel Corporation for the production and sales of automotive cold-rolled flat products at Jamshedpur to address the localisation needs of Indian automotive customers for high-grade cold rolled steel sheet and contribute to further expansion of the Indian automobile industry. Tata Steel will hold 51 per cent and Nippon Steel Corporation will hold the balance of 49 per cent of equity capital of the joint venture company.
According to a release, the joint venture aims to capture the growing demand for high-grade automotive cold-rolled flat products in India by setting up a continuous annealing and processing line with a capacity of six lakh tonnes. Nippon Steel will transfer its technology for producing high-grade cold-rolled steel sheet for automotive application.
Analysts said Tata-Nippon tie-up mirrors the domestic steel makers’ eagerness to increase their market share in the fast growing auto grade steel segment. With Indian automobile industry set to grow at a scorching pace in the short-term, the steel industry is gearing up to meet the raising demand, they added.
Total income has risen to Rs 6,374.88 crore from Rs 4,810.40 crore. Export turnover accounted for Rs 626.09 crore against Rs 391.65 crore. Steel output during the quarter has increased to 1.69 million tonnes from 1.23 million tonnes.
Revenue from steel business has grown to Rs 5,832.53 crore from Rs 4,465.31 crore, ferro alloys and minerals to Rs 523.84 crore from Rs 399.43 crore.
Steel business contributed a gross profit of Rs 2,014.12 crore against Rs 1,284.64 crore and ferro alloys and minerals Rs 113.88 crore against Rs 143.47 crore.
For the nine months ended December 31, 2009, the company has achieved a net profit of Rs 2,884.52 crore on a turnover of Rs 17,491.35 crore against a net profit of Rs 3,742.45 crore on a turnover of Rs 17,563.73 crore in the corresponding period in 2008-09.
JV with Nippon Steel
Meanwhile, Tata Steel Board has approved a framework for co-operation between the company and Nippon Steel Corporation for the production and sales of automotive cold-rolled flat products at Jamshedpur to address the localisation needs of Indian automotive customers for high-grade cold rolled steel sheet and contribute to further expansion of the Indian automobile industry. Tata Steel will hold 51 per cent and Nippon Steel Corporation will hold the balance of 49 per cent of equity capital of the joint venture company.
According to a release, the joint venture aims to capture the growing demand for high-grade automotive cold-rolled flat products in India by setting up a continuous annealing and processing line with a capacity of six lakh tonnes. Nippon Steel will transfer its technology for producing high-grade cold-rolled steel sheet for automotive application.
Analysts said Tata-Nippon tie-up mirrors the domestic steel makers’ eagerness to increase their market share in the fast growing auto grade steel segment. With Indian automobile industry set to grow at a scorching pace in the short-term, the steel industry is gearing up to meet the raising demand, they added.
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