Tata Steel Q1 consolidated PAT soars six-fold on Corus buy

Tata Steel Q1 consolidated PAT soars six-fold on Corus buy
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First Published: Wed, Aug 29 2007. 02 47 PM IST
Updated: Wed, Aug 29 2007. 02 47 PM IST
Mumbai: Tata Steel Ltd said its consolidated quarterly earnings rose more than six times, boosted by Corus for which it won a bidding war in January to become the world’s sixth-largest steel maker.
Releasing consolidated results for the first time after the acquisition, the company said in a statement late on 28 August post-tax profit rose to Rs6388 crore for April-June, from Rs1014 crore in the year-ago quarter.
Consolidated net revenue that also include other international operations such as NatSteel and Tata Steel (Thailand) rose more than five times to Rs31555 crore from Rs5748 crore a year earlier.
The year-earlier figures do not include the Anglo-Dutch steel maker, the acquisition of which was completed in April.
In July, Tata Steel had said its standalone net profit rose 28% to Rs1222 crore in the fiscal first-quarter ended June.
At 0526 GMT, shares in Tata Steel were up 2.4% at Rs620 in a Mumbai market that was down 0.8%. The shares have risen nearly 29% this year, outperforming a 7.3% rise in the benchmark index.
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First Published: Wed, Aug 29 2007. 02 47 PM IST