Mumbai, May 17 (IANS) India’s largest steel producer Tata Steel Thursday said its net profit for the January-March 2007 quarter had risen 41 percent Rs.11.04 billion ($270.50 million) on net sales of Rs.11.84 billion.
“Tata Steel’s standalone net profit for the quarter rose 40.9 percent to Rs.11.04 billion from Rs.7.83 billion in the corresponding quarter last year,” said Tata Steel CEO B. Muthuraman.
He said the company’s net sales for the quarter rose 21.5 percent to Rs.49.80 billion from Rs.41 billion a year earlier.
“Steel production in the quarter also rose to 1.27 million tones from 1.23 million tones a year ago,” Muthuraman added.
Total income net of excise for the quarter has increased to Rs.75.59 billion from Rs.53.74 billion, the company said.
Tata Steel had acquired the Anglo-Dutch company Corus Group for $12.9 billion earlier this year, making it the fifth largest global steel producer.
The Tata Steel CEO said the company expects $450 million synergies with Corus over the next three years.
“There are certain pressures to combine