Tata Sponge Iron reported a 145% increase in net profit for the first quarter of 2014 compared to the same period the previous year. Net sales rose 23.5% to Rs 2031.20 million while net profit increased 145.45% to Rs 442.80 million. Earnings per share stood at Rs 11.72 for the quarter ending June 30, 2014, up from Rs 11.72 in the same quarter the previous year. The company's stock price closed 10.29% higher at BSE following the announcement of the results.