Tata Steel net at Rs1,222 crore
The Hindu — July 31, 2007

Tata Steel has increased its net profit by 28.1 per cent to Rs1,222.11 crore for the first three months ended June 30, 2007 from Rs953.41 crore in the year-ago period. Net sales and income from operations stood at Rs4,197.58 crore against Rs3,899.45 crore.

The results do not include the consolidated financial performance of the company. The consolidated results, including Corus for the quarter ended June 30, 2007, will be published by the end of August.

The company has allotted 2.85 crore shares of Rs10 each, at a premium of Rs474.27 per share to Tata Sons in April as Tata Sons exercised the option to convert 2.85 crore warrants into ordinary shares of the company.

Exceptional gain
The profit includes a gain of Rs686.43 crore on account of unrealised exchange differences on foreign currency borrowings and a realised loss of Rs133.41 crore on foreign currency deposits mainly in relation to the acquisition of Corus. The net gain of Rs553.02 crore is due to the appreciation of the rupee against foreign currencies during the current quarter.