The increase in profit is attributed to the improvement in steel prices. During the quarter under review, realistion per tonne improved by close to 40 per cent to Rs 32,856 as compared to Rs 23,566 in the corresponding quarter last year.
Steel production during the quarter grew by close to three per cent to 9,93,161 tonnes from 9,64,614 tonnes last year. Steel sales leapfrogged marginally to 8,82,750 tonne from 8,79,909 tonne last year.
Meanwhile, at the annual general meeting of the company held here later in the day, Tata Steel chairman Ratan Tata said that it was hedging on its fortune by going across the shores of India, to avoid dependence on a single economy.
To this end, the company was seeking marketing and technological alliances with foreign players.
We are looking at various Russian and East European plants as and when they are available for sale, he said replying to shareholders query.
The company is planning to increase its steel production to 15 million tonne by 2010 through acquisition and not just organic growth in Jamshedpur alone, Mr Tata said.