Tata Steel on Friday reported a nearly three-fold jump in its consolidated net profit at Rs 5,346.55 crore for the quarter ended June 30, on onetime gains in selling stakes in Riversdale and Tata Refractories and a settlement of claims at Teesside Cast Products unit in the UK.

The company had reported a net profit of Rs 1,825.26 crore during the corresponding quarter of last fiscal. Net sales of the company also rose by 21.58% to Rs 32,839.90 crore during the quarter under review , compared to Rs 27,010.06 crore, the company said in a filing to the BSE. The filing added that in the April-June quarter, the company realised Rs 4,942.07 crore (A$1,060 million ) by selling its entire 26.27% stake in the Australian mining firm Riversdale to Rio Tinto.

Of this, the company included Rs 2,879.29 crore as one time profit in its results from the sale of its stake in Riversdale , the filing further said. Besides this, the company also made a profit of Rs 511.01 crore by selling its stake in Tata Refractories Ltd to Krosaki Harima Corporation, an associate firm of Nippon Steel of Japan.