The Hindu : Business : Tata Steel net profit zooms

Online edition of India's National Newspaper
Friday, Jul 23, 2004

Business

Business

Tata Steel net profit zooms

By Ramnath Subbu

MUMBAI, JULY 22. In spite of experiencing what was a very difficult period for the steel industry, given the spiralling input prices, Tata Iron & Steel Company Ltd. (Tata Steel), by virtue of being a highly integrated steel producer, has announced a significantly improved performance for the quarter ended June 30, 2004 with a net profit of Rs. 745.49 crores against Rs. 267.07 crores in the same period in the previous year.

Sales during the period were higher at Rs. 3,405.93 crores against Rs. 2,522.93 crores. The operating profit has more than doubled to Rs. 1,401.97 crores from Rs. 675.1 crores.

The company provided Rs. 48.95 crores (Rs. 76.46 crores) for interest, Rs. 157.56 crores (Rs. 144.59 crores) for depreciation, Rs. 440.82 crores (Rs. 163.57 crores) for current tax and Rs. 12.31 crores (Rs. 29.55 crores) for deferred tax.

During the quarter, the company produced 9.93 lakh tonnes (9.64 lakh tonnes) of steel and sold 8.82 lakh tonnes (8.79 lakh tonnes).

Export turnover during the period was Rs. 423.45 crores (Rs. 362.38 crores).

Ties up with SAP

Tata Steel has tied up with SAP India, a leading provider of business software solutions to offer business software solutions for the metal industry. This is the first time that Tata Steel has diversified into offering business software solutions.

Under the partnership, Tata Steel will offer small and medium sized businesses (SMB) in the metal industry a pre-configured industry specific solution built on the mySAP All-in-One platform.

B. Muthuraman, Managing Director, Tata Steel, said, "We are looking forward to extending our relationship with SAP and working together with them jointly on developing and implementing proven business solutions.

"Our joint customers would certainly benefit from the more than 30 years of experience that Tata Steel has in using and deploying technologies for business benefits."

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