Tata Sponge Iron Q4 net profit up 28.42% at Rs 42 cr

Tata Sponge Iron, a Tata Group company, today reported a growth of 28.42% in net profit to Rs 42.83 crore during the quarter ended March 31, 2011.

The company had reported a net profit of Rs 33.35 crore during the same period in 2009-10.

Net sales of the company rose by 14.56% during the quarter to Rs 191.64 crore, compared to Rs 162.79 crore during the corresponding quarter of FY10, Tata Sponge Iron (TSIL) said in a filing to the Bombay Stock Exchange.

For the entire 2010-11, the company reported a net profit of Rs 101.34 crore, a growth of 19.90%, the filing added.

TSIL had posted a net profit of Rs 84.52 crore in 2009-10.

The company's net sales stood at Rs 675.78 crore in FY11, up 29.95% from Rs 520.01 crore in 2009-10.

The filing said the TSIL Board has recommended a dividend of Rs 8 per share for 2010-11, which will amount to a cash outflow of Rs 12.32 crore.

Following the smart financial numbers, shares of the company closed 5.09% up on the Bombay Stock Exchange today at Rs 353.20 apiece.