Tata Sponge Iron Q4 net profit up 28.42

Net sales of the company rose by 14.56 per cent during the quarter to Rs 191.64 crore,compared to Rs 162.79 crore during the corresponding quarter of FY8217;10,Tata Sponge Iron TSIL said in a filing to the Bombay Stock Exchange.

For the entire 2010-11,the company reported a net profit of Rs 101.34 crore,a growth of 19.90 per cent,the filing added.

TSIL had posted a net profit of Rs 84.52 crore in 2009-10.

The company8217;s net sales stood at Rs 675.78 crore in FY8217;11,up 29.95 per cent from Rs 520.01 crore in 2009-10.

The filing said the TSIL Board has recommended a dividend of Rs 8 per share for 2010-11,which will amount to a cash outflow of Rs 12.32 crore.

Following the smart financial numbers,shares of the company closed 5.09 per cent up on the Bombay Stock Exchange today at Rs 353.20 apiece.