Tata Sponge Iron Q2 net plunges 75% to Rs 5.69 crore

Tata Sponge Iron today said its standalone net profit fell by 75 per cent to Rs 5.69 crore for the second quarter ended September 30, 2015.
The firm had clocked a net profit of Rs 22.53 crore in the year-ago period, it said in a BSE filing.
Total standalone income of the firm declined by 28 per cent to Rs 152.31 crore in July-September quarter this fiscal from Rs 211.13 crore in the same quarter of 2014-15.
The firm's total expenses were lower at Rs 154.30 crore from Rs 189.18 crore during the quarter under review.
Tata Sponge Iron, an associate company of Tata Steel, has a manufacturing facility at Bilaipada in Keonjhar District of Orissa. Its total production capacity is 3,90,000 tonnes per annum from 3 kilns. The firm is self sufficient in power with captive power plants producing 26 MW of power from 2 plants.

Shares of the company today fell by 1.59 per cent to close at Rs 511.25 a piece at the BSE.