Tata steel Q4FY19 results were better than expectations on EBITDA and PAT fronts. The revenue grew by 25.9% yoy and 9.2% qoq to Rs42,424cr against median consensus estimates of Rs43,970cr. EBITDA stood at Rs7,513cr, up 17.4% yoy and 11.9% qoq against median consensus estimate of Rs6,733cr. EBITDA margin contracted by 128bps yoy but expanded by 43bps qoq to 17.7%. Reported net profit (including discontinued operations and after non-controlling interest) declined by 76.7% yoy but grew by 4.2% qoq to Rs2,382cr against median consensus estimate of Rs2,327cr.
Revenue growth was driven by higher delivery volumes across India and Tata Steel Europe ; partly offset by softness in steel realisations
Q4FY19 Consolidated steel production and deliveries grew 27% yoy and 29% yoy, respectively; India production and deliveries increased by 46% yoy and 55% yoy in Q4FY19, respectively.
Indian operations contributed 63% out of consolidated deliveries of 7.52 mn tonnes.
Tata Steel Europe Q4FY19 sales improved as production grew by 17% qoq with better plant availability.
Gross debt decreased by Rs8,781cr during Q4FY19.
Tata Steel and thyssenkrupp AG have recently submitted a comprehensive package of proposed remedies after the European Commission issued its ‘Statement of Objection’ for the proposed European steel JV.
Tata Steel Ltd ended at Rs. 510.90, down by 14.4 points or 2.74% from its previous closing of Rs. 525.30 on the BSE.
The scrip opened at Rs. 523.30 and touched a high and low of Rs. 529.35 and Rs. 509 respectively. A total of 88,38,914 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
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