Tata Sponge Iron : Soaring in Q1, 2008 - by mittar_b
Incorporated in 1882 as a result of joint venture between Tata Steel and the Industrial Promotion & Investment Corporation of Orissa Limited i.e IPICOL, today Tata Sponge Iron Limited is one of the leading sponge iron manufacturer of the country. Company is basically engaged in the production and marketing of sponge iron that is being used by secondary steel producers in order to produce steel as well as by the infrastructure sector. Its headquarter is situated in Keonjhar (India).Company has the installed capacity of producing 390,000 tons of spounge iron per annum from three kilns. Company is also having a power generation capacity of 26 MW from its two power plants. A coal field has been allocated to the company in Talcher coalfields, Orissa in order to fullfill coal needs of the company. Spounge iron produced by the company is based on TDR technology. Currently company is employing around about 471 people and Mr. Suresh Thawani is working as Managing director of the company.
Tata Sponge was the first Indian sponge iron company to receive ISO-9002 certification.The company has also awarded with Greentech Environment Excellence Gold Award in the Metal Sector for the year 2005 in August 2007 and received the Certificate of Appreciation by Teri Research Institute (TERI) in recognition of company`s remarkable performance towards corporate social responsibility. Recently, Company has been chosen as a Finalist for the prestigious Golden Peacock Award along with GE Ltd, Bhilai Steel Plant (SAIL) & Shree Cements Ltd. for combating climate change. Share Holding Pattern of the Company :-
Company has posted phenomenal rise in its financial results for the first quarter of financial year ended June, 2008. During the quarter, net profit of the company witnesses a hike of 77% to Rs 29.33 crore as against Rs 16.53 crore for the quarter ended June 2007 last year while Operating profit of the company during the quarter increases to Rs 38.26 crore when compared with Rs 26.67 crore during the corresponding time period last year. Net Sales of the company rose 8.82% to Rs 101.77 crore for the quarter ended June, 2008 as against Rs 93.52 crore during the corresponding quarter last year i.e quarter ended June 2007 while Total income of the company during this time period surged by 11 per cent to Rs 114.56 crore when compared with Rs 103.20 crore posted in the first quarter last year. However, Expenditure of the company during the April-June,2008 quarter decreases from Rs 72.44 crore to Rs 68.15 crore.Other income of the company in the first quarter was recorded as Rs 12.79 crore versus Rs 9.50 crore.
