Tata Sponge Iron Q4 net up 49.47% at Rs 12.81 crore

However, its net sales dipped by 12.18% to Rs 140.37 crore during January-March 2016

Tata Sponge Iron, an associate firm of Tata Steel, on Tuesday reported a 49.47% increase in consolidated net profit at Rs 12.81 crore for the quarter ended March 31, on account of lower expenses.

The company had posted a net profit of Rs 8.57 crore during January-March 2015.

Its net sales dipped by 12.18% to Rs 140.37 crore during January-March 2016, as against Rs 159.85 crore during the fourth quarter of 2014-15.

The firm's total expenses stood at Rs 128.73 crore during the quarter, down 22.52%, as against Rs 166.15 crore in the corresponding quarter.

Further, its revenue from sponge business fell by 17.48% to Rs 122.88 crore, while power business revenue grew by over four fold to Rs 20.96 crore during the quarter under review.

For the entire 2015-16 fiscal, the firm's net profit stood at Rs 30.88 crore, against Rs 91.94 crore in the 2014-15 period.

Net sales in 2015-16 declined to Rs 571.79 crore, as against Rs 766.23 crore in the year previous to it.

Shares of the company were trading 3.53% down at Rs 550.25 apiece on BSE.