JOIN USTata Steel, on Friday, reported a net profit of Rs 1,560.51 crore for the quarter ended March 31, 2012 (Q4) as compared to Rs 1,707.71 crore in Q4 last year, a drop of 8.61 per cent.
However, since profit in Q4 of fiscal 2011 included a gain of Rs 2,503 crore on sale of Teeside plant, the figures are not comparable.
In Q4 the company’s total income rose 13.67 per cent to Rs 9,662.36 crore from Rs 8,499.73 crore in Q4 last year. The group has posted a consolidated net profit of Rs 433.46 crore for the quarter ended March 31, 2012 as compared to Rs 4,175.60 crore for the quarter ended March 31, 2011. Its consolidated total income in Q4 increased to Rs 34,220.59 crore from Rs 34,188.0 crore in Q4 last year.
Also, Tata Steel in its notes accompanying accounts recorded that its consolidated profit for Q4 in fiscal 2012 would have been higher by Rs 633.22 crore while the consolidated profit for the year ended March 31, 2012 would have been lower by Rs 2,372.26 crore had it recognised changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account.
For the full year 2011-12, Tata Steel posted a stand-alone net profit of Rs 6,696.42 crore as compared with Rs 6,865.69 crore in the previous year, a drop of 2.46 per cent.