ata Sponge Iron disappointed street with its fourth quarter earnings. Consolidated net profit dropped 79 percent to Rs 8.6 crore during January-March quarter from Rs 40.5 crore in the year-ago period, impacted by sluggish steel market and sponge iron ore prices. Total income from operations fell 32 percent to Rs 160.3 crore in the quarter ended March 2015 compared to Rs 236.56 crore in same quarter last year while other income climbed 142 percent year-on-year to Rs 23.53 crore during the quarter. Total expenses slipped to Rs 166.1 crore during March quarter from Rs 181.6 crore in the year-ago period and tax expenses declined sharply to Rs 6.92 crore from Rs 20.73 crore on yearly basis. Tata Sponge Iron has recommended a dividend of Rs 10 per equity share for the year ended March 31, 2015.
source: http://www.moneycontrol.com