Tata Steel share price added over 3 percent in the early trade on February 10 a day after the company announced its December quarter numbers.
On February 9, the company reported a consolidated profit of Rs 3,989 crore for the quarter ended December 2020 driven by improved realisation-backed strong operating income. The loss in corresponding period was Rs 1,166 crore.
Consolidated revenue from operations grew by 11.5 percent year-on-year to Rs 39,594 crore in Q3FY21.
Tata Steel Europe reported a 1.8 percent year-on-year growth in revenue at Rs 14,069.92 crore, but at EBITDA level, it posted loss of Rs 724.27 crore in Q3FY21 against Rs 956.30 crore in Q3FY20.
Motilal Oswal
Broking house kept neutral rating on the stock.
The company's consolidated debt reduced by Rs 103 billion QoQ to Rs 884 billion.
Tata Steel Europe (TSE) reported EBITDA loss of Rs 7.2b v/s loss of Rs 4.6b in 2QFY21, and was below our expectation of EBITDA of Rs 5.7b. The miss on EBITDA was due to the reversal of wage support from the govt. (which was recognized in 2QFY21) and higher provisions for carbon emissions in 3QFY21.
At 09:21 hrs Tata Steel was quoting at Rs 713.10, up Rs 13.90, or 1.99 percent on the BSE.
The share touched its 52-week high Rs 731.35 and 52-week low Rs 250.90 on 07 January, 2021 and 30 March, 2020, respectively.
Currently, it is trading 2.5 percent below its 52-week high and 184.22 percent above its 52-week low.