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.
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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