Tata Steel Q3 Results: Returns To Profit But Misses Estimates
Revenue from operations declined 3.1% to Rs 55,311.88 crore, missing estimates of Rs 57,810 crore.
Tata Steel Ltd. returned to profit in the third quarter of fiscal 2024, but missed analysts' estimates.
The Tata Group-owned steelmaker reported a net profit of Rs 522.14 crore in the quarter ended December 2023, according to an exchange filing issued on Wednesday. That compares with the Rs 1,687-crore consensus estimate of profit by analysts tracked by Bloomberg.
The company reported a net loss of Rs 6,196.2 crore in the previous quarter owing to higher impairment charge.
Revenue from operations declined 3.1% to Rs 55,311.88 crore, missing estimates of Rs 57,810 crore.
Tata Steel Q3 FY24 (Consolidated, YoY)
Revenue down 3.1% at Rs 55,311.9 crore vs Rs 57,083.6 crore.
Ebitda up 54.7% Rs 6,263.6 crore vs Rs 4,047.9 crore.
Margin expands to 11.32% vs 7.09%.
Net profit of Rs 522.1 crore vs loss of Rs 2,502 crore.
The company witnessed a 54.7% uptick in Ebitda and saw an improvement in margin owing to better realisations and higher steel prices, offsetting the higher coking coal prices, it said.
Shares of Tata Steel closed 3.88% higher at Rs 135.15 apiece before the results were announced, as compared with a 0.94% advance in the benchmark BSE Sensex on Wednesday.
