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Tata Steel Q2 profit rises 37% on one-off gains

PTI November 12, 2014 17:02 IST

Mumbai: Tata Steel today reported 37 per cent rise in consolidated net profit to Rs. 1,254.33 crore for the July-September quarter mainly on account of proceeds from land sale worth Rs. 1,146.86 crore.

The world's 11th biggest steelmaker had clocked Rs. 916.77 crore net profit in the corresponding quarter of the last fiscal, it said in a statement.

The profit of the company before exceptional item and tax stood at Rs. 1,302 crore, from Rs. 1,398 crore.

Tata Steel's total income declined to Rs. 35,777 crore in the second quarter of 2014-15, from Rs. 36,645 crore a year earlier. Its expenses also fell to Rs. 33,564 crore from Rs. 34,384 crore a year earlier.

Total tax expenses of the company, however, rose to Rs. 1,175 crore from Rs. 447 crore a year earlier.

Last March, Tata Steel Board had declared Oberoi Realty as the highest bidder of the auction on the basis of their final bid of Rs. 1,155 crore. The conclusion of the deal took time for obtaining requisite permissions.