Tata Sponge Iron Q2 net profit jumps 72% to Rs 28 cr

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Tata Sponge Iron reported a 72 per cent rise in its standalone net profit to Rs 27.61 crore for the quarter ended September 30.

The company had posted a profit of Rs 16.05 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron Ltd said in a BSE filing.

The firm’s total income also rose to Rs 176.65 crore in July-September quarter from Rs 162.80 crore in the year-ago period.

Total expenses of the company were lower at Rs 135.98 crore in the quarter under review, as against Rs 140.43 crore in the same period last fiscal.

Its revenue from sponge iron segment rose to Rs 155.43 crore from Rs 139.66 crore.

Tata Sponge Iron has a manufacturing facility at Bilaipada in Orissa. It also produces power from waste heat.

Source: Moneycontrol