Post-Corus, Tata Steel turnover jumps 442 per cent
Business Standard — August 29, 2007

Tata Steel has recorded a consolidated net turnover of Rs31,155 crore for the quarter ended June 30, an increase of 442 per cent over the same period last year, on the back of Corus acquisition.

Its consolidated operating profit increased 186 per cent to Rs4,904 crore, while the profit before tax and exceptional items increased 111 per cent to Rs3,157 crore.

The consolidated interest expense for the quarter was Rs892 crore, which included interest charge of Rs725 crore on loans taken for financing of Corus acquisition.

The results also include an extraordinary item of Rs4,121 crore primarily representing actuarial gains due to increase in yield rates on bonds held by various pension funds of Corus.

Tata Steel published on July 30 its standalone financial results for the quarter ended June 30. The board of Tata Steel today reviewed the provisional un-audited consolidated financial statements of the company for the quarter.

The un-audited consolidated financial statements of the company for the quarter include the audited financial results of Tata Steel and the provisional financial results of Corus.

Tata Steel is proposing a rights issue and cumulative convertible preference shares and has filed a draft letter of offer with the Securities and Exchange Board of India (Sebi) and the stock exchanges.