Tata Steel Q3 net jumps 41 percent to Rs 1,063.75 cr

MUMBAI: Tata Steel, which is due to enter an auction for London-based Corus on Tuesday, said its net profit for the October-December quarter jumped 41.12 per cent to Rs 1,063.75 crore compared to Rs 753.74 crore a year ago.

Total income of the company increased 22.18 per cent to Rs 4,568.72 crore for the third quarter as against Rs 3,739.28 crore for the same period in 2005, the company informed the Bombay Stock Exchange.

The Group has reported a consolidated profit of Rs 1,054.61 crore in the reviewed quarter of the current fiscal as compared to Rs 824.76 crore in the corresponding period in previous fiscal.

Total income of the Group rose to Rs 6,072.28 crore for the third quarter, while it was Rs 5,082.38 crore in the same period of previous fiscal.

The company's Board, which met to consider the results, is believed to have discussed about the strategy to be followed for the open bidding with Brazil's CSN for Corus.

However, Tata officials remained tight-lipped about the deliberations.

The nine-round auction called by the UK Takeover Panel would commence at 10 pm and would end latest by February 1.

Tata Steel has offered 500 pence a share (9.2 billion dollars) for Corus, but rival CSN topped it with a 515 pence a share bid (9.6 billion dollars).