Tata Steel‘s share price fell close to 1% on Tuesday morning as the company reported its earnings for the quarter ended June.

What Happened: The Tata Group company’s consolidated net profit for the quarter stood at ₹634 crore, down 91.84% from the ₹7,765 crore profit it reported a year ago. The company’s revenue from operations sank 6% to ₹59,489.7 crore as compared to ₹63,430.1 crore reported in the same quarter last year. Both the bottom line and topline were in line with street estimates.

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The company’s EBITDA for the period came in at 5,173.9 crore with an EBITDA margin of 8.7%. Earnings per share for the quarter came in at ₹0.52.

Analysts Reactions: CLSA maintained its “outperform” rating for the stock with a price target of ₹125. The global brokerage firm in its report stated that the results were in line with expectations. Morgan Stanley maintained “equal weight” rating on the stock with a price target of ₹110. The firm said that steel giants consolidated EBITDA missed estimates due to weakness in the European business.

Price Action: Tata Steel’s share price was down 0.22% to trade at ₹115.10 as the markets opened on Tuesday.

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