Tata Steel Q1 consolidated soars six-fold on Corus buy

NEW DELHI: Tata Steel on Wednesday reported an over six-fold leap in its consolidated profit after tax (PAT) at Rs 6,388 crore in the first quarter this fiscal on acquisition of Anglo-Dutch steel maker Corus Group Plc early this year.

The Indian company, which is now the world's sixth- biggest maker of the alloy, had recorded a consolidated profit in the same period last fiscal.

Consolidated turnover also registered a jump of over five-fold at Rs 31,155 crore in the first quarter of 2007-08 against Rs 5,748 crore during the same period previous fiscal.

"The un-audited consolidated financial statements of the company for the quarter include audited financial results of Tata Steel Ltd and the provisional financial results of Corus," a Tata Steel press release said.

Consolidated operating profit increased to Rs 4,904 crore during the first quarter FY'07-08 compared to Rs 1,712 crore in the corresponding period of previous year.
   
The company also said the results also include extraordinary item of Rs 4,121 crore primarily representing actuarial gains due to increase in the yield rates on Bonds held by various pension funds of Corus.
   
Tata Steel had acquired Corus early this year for 12.1 billion dollars in what is the country's biggest overseas takeover deal. The deal catapulted the company to the sixth spot among the world's top steel players with total production capacity of over 23 million tons a year.