The profit was lower by Rs 1,094 crore as compared to the same quarter a year ago and also fell short of D-Street’s Rs 991 crore estimates.
Revenue from operations in the reporting quarter fell 7% year-on-year to Rs 58,687 crore.
Also read: Sensex declines 200 pts, Nifty below 22,650 amid election jitters
Here is how brokerages viewed the Q4 results:
JefferiesJefferies stated that Tata Steel’s results were weak but still better than the estimates. The standalone EBITDA/t fell 12% QoQ to Rs 15,000 which was pulled down lower by ASP and Europe EBITDA/t narrowed sharply from $191 in Q3 to $40 in Q4.Jefferies has a ‘buy’ call on Tata Steel with a target price of Rs 200.Motilal Oswal
The domestic brokerage firm stated that the revenue stood at Rs 36,600 crore (YoY/QoQ: -4%/+5%) against their estimate of Rs 35,900 crore, primarily driven by improved volumes, which was offset by muted realization while domestic steel production stood at 5.24mt (YoY/QoQ: +16%/ +2%) and sales at 5.42mt (YoY/QoQ: +13%/+11%), which were in line with the estimate.
Sales were driven by higher dispatches in domestic markets, increased dispatches in auto-grade and special-grade steel, higher volumes from the branded & retail segment, quoted Motilal Oswal.
Motilal Oswal has a ‘neutral’ rating on the stock, however, the target price will be given out after the conference call due later today.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)