TATA SPONGE IRON LTD = RESULTS FOR = Q1 FY 2012 (JUNE 2011) = LOWER SALES & PROFITS

Tata Sponge Iron Limited

NSE Symbol     TATASPONGE

TATA SPONGE IROM LTD has reported lower performance in Q1 FY 2012 compared to preceding (Q4 FY11)and corresponding qtrs(Q1 FY11).

Net Sales at Rs.138.09 is lower than preceding qtr(Q4 FY11) by 27.94% and lower than corresponding qtr (Q1 FY11) by 1.69%

Total Expenditure at  Rs.117.16 cr – is lower by 13.87% from Q4 FY 11 and higher by 12.64% from Q1 FY11.

Profit from Operations at Rs.28.53 cr is lower than Q4 FY11  by 51.98% and lower than Q1 FY11 by 23.76%.

Profit before tax at Rs.33.01 cr – is lower than Q4 FY11 by 48.06% and lower than Q1 FY11 by 14.94%

Net Profit  at Rs.22.52 cr is lower than Q4 FY11 by 47.42% from Q4 FY11 and lower than Q1 FY11 by 13.05%.

Basic EPS on a face Value of Rs.10 is Rs.14.62 – compared to Rs.27.81 in Q4 FY11 and Rs.16.82 in Q1 FY11.

ANNOUNCEMENTS TO NSE

06-05-2011          Tata Sponge Iron Limited has recommended a dividend of Rs.8.00 per equity share (i.e. 80%) for the year ended March 31, 2011.

28-03-2011          Tata Sponge Iron Board of Directors of the Company, in its meeting held on March 28, 2011, has decided to install an AFBC based 25 MW power plant, subject to obtaining all necessary and statutory approvals/clearances. The project will be financed with internal generation and borrowing. On completion of this project the installed capacity for power generation will increase from existing 26 MW to 51 MW.

Results Table :

TATA SPONGE IRON	30-Jun-11	31-Mar-11	30-Jun-10
Net Sales	13809	19164	14046
Other Operating Income	760	380	97
Increase in SIT /WIP	-685	599	-1119
Raw Materials	10068	9996	8898
Employees Cost	529	538	504
Depreciation	456	452	471
Other Expenditure	1348	2018	1647
Total Expenditure	11716	13603	10401
Profit from Operations	2853	5941	3742
Other Income	448	414	139
Profit before tax	3301	6355	3881
Tax expense	1049	2072	1291
Net Profit	2252	4283	2590
Face Value (In Rs	10	10	10
Paid Up Equity	1540	1540	1540
Basic EPS	14.62	27.81	16.82
Public holding (%)	56.33	56.33	56.3

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