Tata Steel’s Sponge Iron arm posts over 2-fold quarterly profit rise

Tata Sponge Iron on Friday reported an over two-fold jump in its consolidated net profit at Rs 16.06 crore for the quarter ended September 30. The company, an associate firm of Tata Steel, had clocked a net profit of Rs 5.70 crore in the year-ago period, it said in a BSE filing. Total consolidated income of the company, however, fell by 8 per cent to Rs 153.55 crore in the July-September quarter from Rs 167.51 crore during the same quarter in 2015-16. Its total expenses were lower at Rs 139.88 crore from Rs 169.50 crore earlier.