Tata Sponge Iron posts over 3-fold jump in Q1 profit

Tata Sponge Iron, an associate firm of Tata Steel, today said its profit rose over three-fold to Rs 30.5 crore for the quarter ended June 30 on jump in operational income.

The company had posted a profit of Rs 10.5 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron Ltd said in a filing to BSE.

The company's total income rose to increased to Rs 201.7 crore in the April-June quarter from over Rs 128.5 crore in the year-ago period.

Its revenue from sponge iron segment rose to Rs 176.86 crore from Rs 107.17 crore in the year-ago period.

Income from power segment rose to Rs 18.75 crore from Rs 15.26 crore in April-June 2016.

Tata Sponge Iron has a manufacturing facility at Bilaipada in Orissa. It also produces power from waste heat.

Shares of the company today closed 1.96 per cent higher at Rs 852.10 on BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)