Tata Sponge Iron's net up 32% in Q1

NEW DELHI: Tata Sponge Iron today reported 32 per cent rise in net profit at Rs 29.71 crore for the quarter ended June 30 on higher sales.

The company, a Tata Steel associate firm, had clocked Rs 22.52 crore net profit in the corresponding period a year ago, it said in a BSE filing.

Income of the company rose to Rs 189 crore during the quarter under review compared to Rs 146 crore in the April- June period of the last fiscal.

Tata Sponge Iron's total expenses increased to Rs 152 crore in the June quarter against Rs 117 crore in the year-ago period.

Tata Sponge Iron has manufacturing facility at Bilaipada in Odisha. It was initially set up as a joint venture company between Tata Steel and the Industrial Promotion and Investment Corporation of Orissa Limited ( IPICOL).

However, in 1991, Tata Steel bought out IPICOL's stake and made it an associate firm.

Tata Sponge Iron's total production capacity now stands at 3.9 lakh tonne a year and a 26 MW power generation capacity.