Tata Steel, the world's sixth-largest steelmaker, reported Thursday consolidated first quarterly net profit rose over 60 percent, lifted by earnings from its recently acquired British unit Corus. For the three months to June consolidated net profit rose 60.5 percent to 39 billion rupees (892 million dollars) from 24.31 billion rupees a year earlier, the company said in a statement.
Total income rose more than 39 percent to 435.6 billion rupees for the quarter. The figures were calculated on a proforma basis as the profits of Corus were not included in the company's consolidated quarterly earnings last year. Last month, Tata Steel's Indian operations announced net profit to June climbed 21.9 percent to 14.88 billion rupees. The company, part of the sprawling Tata Group conglomerate, was vaulted to sixth biggest steelmaker from 56th after buying Anglo-Dutch company Corus for 13.7 billion dollars last year.
The merged Tata Steel-Corus company plans to produce 25.6 million tonnes annually, the company has said. On Thursday, the giant held its 101st annual general meeting in India's financial capital, attended by Corus officials now on the Tata Steel board.