Tata Steel on Wednesday said it has posted 71.61 per cent jump in consolidated net profit to Rs 4,177.14 crore for the fourth quarter ended March 31, helped by stronger volumes in India operations, sale of Teesside Cast Products and better prices in Europe market.
"We have posted profit in the March quarter due to good demand and sale of our Teesside Cast Products," Tata Steel Chief Financial Officer Koushik Chatterjee said.
The company sold Teesside Cast Products in March this year at Rs 2,091 crore, which has boosted its profit in the March quarter, he said, adding, "overall our domestic as well as overseas operations have done well in the March quarter".
The steel giant reported net profit of Rs 8,982.69 crore for the year (2010-11) after taxes, minority interest and share of profit of associates as against a consolidated net loss of Rs 2,009.22 crore in the last fiscal.
The company's turnover rose to Rs 33,818 crore during the quarter under review from Rs 27,501 crore in the January-March quarter of the previous fiscal.
Net profit during FY11 stood at Rs 8,983 crore as against a loss of Rs 2,010 crore in FY10.
During the year, turnover increased to Rs 1.18 lakh crore from Rs 1.02 lakh crore in the last fiscal.
The company's European operations recorded robust improvement, posting an EBITDA of Rs 4,204 crore, an increase of Rs 5,555 crore compared to FY 10.
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