Business OpportunitiesTata Steel net profit falls 49% on lower Tata Steel net profit falls 49% on lower BS Reporter / Mumbai October 28, 2009, 0:43 IST
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Even if the prices are soft, it would not affect margins as coal prices have come down from last year’s levels and the company is self-sufficient in its iron ore needs, Tata Steel Group Financial Officer Koushik Chatterjee said.
During the quarter, the company benefited from the expansion of capacity at its plant in Jamshedpur, which now produces over 6.5 million tonnes of steel annually, compared with 5 million tonnes earlier. The sale volume went up 19.4 per cent to 1,456,755 tonnes. However, export turnover dropped halved to Rs 515.11 crore.
The company has Rs 6,100 crore cash and cash equivalent on books, while debt stands at Rs 24,436 crore. Shares of Tata Steel, which more than doubled this year on expectations that the government’s infrastructure spending will spur sales, fell 7.26 per cent to Rs 501.30 on the BSE.