Tata Steel Q3FY10 net profit at Rs 1,191 Cr

Tata Steel Q3FY10 net profit at Rs 1,191 Cr Vs Rs 466.2 Cr; net sales at Rs 6,307 Cr Vs Rs 4,750 Cr; OPMs at 33.8% vs 30.6% (YoY); other income at Rs 263 Cr vs Rs 11 Cr

Tata Steel Q3FY10 net profit stood at Rs 1,191 crore Vs Rs 466.2 crore and net sales stood at Rs 6,307 crore Vs Rs 4,750 crore. OPMs for Q3FY10 stood at 33.8% vs 30.6% (YoY). Other income stood at Rs 263 crore vs Rs 11 crore.

Steel Sales stood at 1.59 mt vs 1.07 mt, up 49% (YoY). Export turnover (F.O.B) value stood at Rs 626 crore vs Rs 391 crore, up 60%. Inventory drawdown seems to be starting, which is positive for the company. Raw material costs stood down 12% at Rs 1422.3 crore vs Rs 1610 crore. Raw material costs were expected to be lower as lower coking coal contracts were set in. Increase in stock in trade was at Rs 636 crore for Q3FY09, which stood at Rs 42 crore in Q3FY10.

Net finance charges stood at Rs 415 crore vs Rs 348 crore. Exchange loss was nil vs Rs 126.8 crore.

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