Tata Steel is trading lower by 2.5% at Rs 381 after reporting a lower than expected net profit of Rs 503 crore for the third quarter ended December 31, 2013 (Q3), due to higher interest cost. The steel maker had posted net loss of Rs 763 crore in the same quarter last fiscal.
The company has reported consolidated net sales of Rs 36,410 crore in the December quarter, up 14% from the corresponding period last year, led by 5.6% growth in deliveries at 3.2 million tonnes (mt) in Europe and 9.5% growth to 2.07 mt at the India operations.
Analysts on an average had expected a profit of Rs 781 crore on revenue of Rs 35,961 crore.
The company's EBITDA increased 178.9% yoy to Rs 4,006 crore due to lower base of the previous quarter, representing an EBITDA margin of 11.0%. Its tax rate stood at 64.1% due to absence of tax credit in its European operations, says analyst at Angel Broking in a client note.
The stock opened at Rs 388 and touched low of Rs 380 on the BSE. A combined 2.45 million shares changed hands on the counter in early morning deals on the BSE and NSE.
The company has reported consolidated net sales of Rs 36,410 crore in the December quarter, up 14% from the corresponding period last year, led by 5.6% growth in deliveries at 3.2 million tonnes (mt) in Europe and 9.5% growth to 2.07 mt at the India operations.
Analysts on an average had expected a profit of Rs 781 crore on revenue of Rs 35,961 crore.
The company's EBITDA increased 178.9% yoy to Rs 4,006 crore due to lower base of the previous quarter, representing an EBITDA margin of 11.0%. Its tax rate stood at 64.1% due to absence of tax credit in its European operations, says analyst at Angel Broking in a client note.
The stock opened at Rs 388 and touched low of Rs 380 on the BSE. A combined 2.45 million shares changed hands on the counter in early morning deals on the BSE and NSE.
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