TSIL Q1 net down 84% at Rs 7.09 crore

KOLKATA: Tata Sponge Iron Limited (TSL), a Tata Steel subsidiary posted an 84% drop in net profit to Rs 7.09 crore in the first quarter ended June 30, 2015 against a net of Rs 44.28 crore in same period last year.

Net sales touched Rs 141.93 crore during the first quarter, which was 26.5% lower compared to sales of Rs 193.3 crore in the previous corresponding period, according to the company’s standalone financial results for the first quarter this year. The company suffered a significant decline.