Tata Sponge Iron posts over 3-fold jump in Q1 profit

Tata Sponge Iron, an associate firm of Tata Steel, on Friday said its profit rose over three-fold to Rs 30.5 crore for the quarter ended June 30 on jump in operational income.

The company had posted a profit of Rs 10.5 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron Ltd said in a filing to BSE.

The company's total income rose to increased to Rs 201.7 crore in the April-June quarter from over Rs 128.5 crore in the year-ago period.

Its revenue from sponge iron segment rose to Rs 176.86 crore from Rs 107.17 crore in the year-ago period. Income from power segment rose to Rs 18.75 crore from Rs 15.26 crore in April-June 2016.

Tata Sponge Iron has a manufacturing facility at Bilaipada in Orissa. It also produces power from waste heat. Shares of the company on Friday closed 1.96 per cent higher at Rs 852.10 on BSE.