Tata Steel announces Consolidated results for the quarter / six months ended Sep 30, 2007

Tata Steel Ltd has announced the following Unaudited consolidated financial results of the Company for the quarter / six months ended September 30, 2007, which have been reviewed by the auditors and approved by the Board of Directors of the Company.

The Consolidated results for the Quarter ended September 30, 2007:

The Group has posted a profit after Minority Interest and share of Profits of Associates of Rs 33423.60 million for the quarter ended September 30, 2007 as compared to Rs 11391.10 million for the quarter ended September 30, 2006. Total Income has increased from Rs 61929.50 million for the quarter ended September 30, 2006 to Rs 325351.50 million for the quarter ended September 30, 2007.

The Consolidated results for the six months ended September 30, 2007:

The Group has posted a profit after Minority Interest and share of Profits of Associates of Rs 97027.30 million for the six months ended September 30, 2007 as compared to Rs 21582.90 million for the six months ended September 30, 2006. Total Income has increased from Rs 120198.30 million for the six months ended September 30, 2006 to Rs 638716.30 million for the six months ended September 30, 2007.

The previous period figures do not include Corus and the current period includes financial results of Corus, reviewed by the auditors.

Report on Financial performance

• Income from Operations

Total income for six months ended September 30, 2007, amounted to Rs 638720 million against Rs 120200 million in the same period previous year. The increase comprise mainly of Rs 498090 million of Corus income and increases of Rs 8660 million in Indian operations, Rs 12370 million in Nat Steel and Rs 5120 million in Tata Steel, Thailand.

• Total Expenditure

Total expenditure for the six months ended September 30, 2007 amounted to Rs 561120 million against Rs 86650 million during the previous years. The increase is primarily on account of inclusion of expenditure of Corus during the current year.