Tata Sponge Iron Limited witnesses a 39% decline on its net profit for the quarter ended June 30, 2013 and was recorded to be at Rs 18.04 crore. They are on the verge of such loss owing to the low revenue generated by the industry. Also in the previous quarter ended March 31, 2013, their total profit was at Rs 9.36 crore which was 36.11% less than the net profit of same period in 2012, which was at Rs 14.65 crore. However the total net profit of Tata Steel associate limited was at Rs 29.71 crore for the April-June quarter of 2012-13.
Tata Sponge Iron Limited has also recorded a fall in its total income in the quarter ended June 30, 2013, which is at Rs 164 crore in comparison to the income of Rs 189 crore in the quarter ended June 30, 2012. Whereas the total income for the quarter ended March 31, 2013 had increased by 15.04% and was at Rs 211.38 crore in comparison to income of Rs 183.74 crore for the same period last year.
The company’s total net profit for FY 13 was recorded to be at Rs 85.43 crore which had witnessed a rise of 12.88% in comparison to the net profit of Rs 75.68 crore for FY 12. While total income was up by 25.53% for FY 13 and was at Rs 795.76 crore in comparison to the income for FY 12 which was at Rs 633.91 crore.
Tata Sponge Iron Limited manufactures high-grade sponge iron. They have a production plant located in Bilaipada, Odisha.