Tata Sponge iron one of the largest sponge iron producer in Eastern part of India has released its quarterly results on 17th January, in which the company reports shows robust profits in Financial year (FY) 2017 that is more than 225% against FY 2016. The company has annual sponge iron production capacity of 390,000 MT.
In the report, the company’s net profit rose sharply to INR 35.99 Cr in Q3 FY17 as compared to INR 10.96 Cr in the Q3 of FY16, rose by INR 25.03 Cr (228.37%) Y-o-Y.
The firm’s total income also reported a surge by 36.07% to INR 226.10 crore in 2017 from INR 166.16 crore in the same time frame last year (Oct-Dec). Further, the total expenses reports at INR 171.77 crore against last year at INR 150.91 crore.
Revenue from sponge iron segment rose to INR 199.30 crore Q3 FY17 from INR 145.96 crore in FY16.
Tata Sponge achieved 100% Production in FY17 to 390,000 MT which is surge of nearly 8.2% as compared to 360,446 MT in FY16.
The company’s plant is located in Bilaipada, Odisha, East India and the selling material mostly to North East based Inductions. The company is also involved in exports especially with Nepal.
YTD Analysis FY16 Vs FY17 (ended on 31st December)
1. According to the report ,the net profit rose to INR 94.16 Cr in 2017 as compared to INR 37.54 Cr in 2016, rose to INR 56.62 Cr (150.8%) Y-o-Y.
2. The Company’s total income also increased to INR 604.54 crore in 2017 from INR 457.51 crore in the year-ago period
3. Total expenses of the company were at INR 464.28 crore during the quarter under review, as against INR 405.79 crore in the same period last fiscal
4. Revenue from sponge iron segment swelled to INR 531.59 crore in 2017 from INR 392.79 crore in 2016.
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