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Shares of Tata Steel Ltd. declined after the company reported a weaker-than-expected profit in the second quarter.
Tata Steel’s Q2 Ebitda fell 60% quarter on quarter, and was 21% below Jefferies estimates mainly led by the weak performance of India business, Jefferies said in its investor note.
The Ebitda was much weaker than consensus expectations, and the miss was on both standalone and subs levels, Morgan Stanley added.
Tata Steel Q2 FY23 Highlights (Consolidated YoY)
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Consolidated net profit declined 87% to Rs 1,514.4 crore, compared with the estimated Rs 3,154.7 crore.
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Ebitda declined 62% to Rs 6,271 crore against teh Rs 7,485.87-crore forecast.
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Ebitda margin fell to 10.5% from 27.5%, against a forecast of 13.3%.
The stock fell as much as 2.9% intraday before paring losses with a decline of 0.69%, while the benchmark Nifty 50 gained 0.64% on the NSE. Total traded volumes stood at 1.6 times the 30-day average, according to data on Bloomberg.
Here’s what analysts made of Tata Steel’s quarterly results:
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