Tisco sales up, but PAT may decline

CALCUTTA, April 6: Tata Iron & Steel Co is likely to report a profit after tax (PAT) of around Rs 300 crore in 1997-98 against the previ...

CALCUTTA, April 6: Tata Iron & Steel Co is likely to report a profit after tax (PAT) of around Rs 300 crore in 1997-98 against the previous year’s Rs 469.21 crore, official say, despite a 8.7 per cent increase in sales.

Though, Tisco managing director J J Irani, declined to talk about the financial performance, insiders admit that the company will fail to meet profit figures. Senior officials of the company indicate that there is a lot of pressure on the company’s bottomline because of the glut in the steel market. "You can not expect PAT close to that of last year’s," sources said.

Market sources are divided on the financial forecasts. Some believe that PAT will be near Rs 300 crore, while others say it will be nowhere near that figure.

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Irani said Tisco’s domestic sales improved from 2.02 million tonnes (mt) in 1996-97 to 2.21mt, a growth of 9.4 per cent, while exports, which almost compensates for its imports of coal, increased by 5% from 0.40mt to 0.42mt.

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CALCUTTA: Tisco managing director J J Irani made it clear on Monday that his company will not begin major work at Gopalpur until work begins on some of the key infrastructure projects. However, Tisco is committed to the project, Irani said, because an independent consultant has also said that the site is the best in India for the project.

Adani group chief Gautam Adani. The regulator made it clear that none of the charges in the show-cause notice could be proved. It also confirmed there was no violation of the Sebi Act concerning fraudulent or unfair trade practices.

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