Tata Steel posted its earnings for the quarter ended June on Wednesday evening.

What Happened: The steel giant’s consolidated net profit for the quarter came in at ₹959 crore, a 51% jump from the ₹633 crore reported in the same quarter last year. The Tata Group company’s revenue for the period under review stood at ₹55,031 crore, down 8% from the ₹59,015 crore posted in the same period last year.

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The numbers missed street estimates on both accounts. Analysts expected the company’s revenue to come in at ₹57,250 crore with a net profit of ₹1,110 crore. EBITDA for the quarter came in at ₹6,694 crore with an EBITDA margin of 12.2%.

Tata Steel India’s revenue stood at ₹32,959 crore, down 7% from the ₹35,486 crore posted in the previous year’s quarter. Tata Steel Europe’s revenue came in at ₹19,575 crore, down 8% from the ₹21,334 crore.

Price Action: Tata Steel’s share price was up 0.77% to close at ₹165.33 on Wednesday.

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