December 02, 2008

TATA Steel announces provisional consolidated results for Q1 of 2007

TATA Steel, which had published its standalone audited financial results for April to June 2007 on July 30th 2007, has now announced the provisional un audited consolidated financial statements for the quarter, which includes the audited financial results of TATA Steel Limited and the provisional financial results of Corus drawn under Indian GAAP by translation from the un audited IFRS accounts of Corus. The previous period figures do not include Corus and the current period includes provisional un audited financial results of Corus.

The consolidated net turnover of TATA Steel during April to June 2007 amounted to INR 31,155 crores as compared to INR 5,748 crores during April to June 2006 and the consolidated operating profit increased to INR 4,904 crores as compared to INR 1,712 crores during April to June 2006. Its profit before tax and exceptional items increased to INR 3,157 crores as compared to INR 1,498 crores during April to June 2006.

The consolidated interest expense for the April to June 2007 quarter was INR 892 crores which included interest charge of INR 725 crores on loans taken for financing acquisition of Corus. The financial results also include extraordinary item of INR 4,121 crores primarily representing actuarial gains due to increase in the yield rates on Bonds held by various Pension Funds of Corus.