Tata Steel slips after Q4 results

Tata Steel fell 2.26% to Rs 608 at 9:26 IST on BSE after the company reported consolidated net profit of Rs 14688.02 crore in Q4 March 2018 compared with net loss of Rs 1168.02 crore in Q4 March 2017.

The result was announced after market hours yesterday, 16 May 2018.

Meanwhile, the S&P BSE Sensex was up 45.25 points, or 0.13% to 35,433.13.

On the BSE, 3.10 lakh shares were traded in the counter so far compared with average daily volumes of 5.07 lakh shares in the past one quarter. The stock had hit a high of Rs 632 and a low of Rs 606 so far during the day. The stock hit a 52-week high of Rs 747.25 on 31 January 2018. The stock hit a 52-week low of Rs 438.97 on 17 May 2017.

On a consolidated basis, Tata Steel's net sales rose 7.05% to Rs 35737.19 crore in Q4 March 2018 over Q4 March 2017. The company received one-time exceptional gain of Rs 11376.14 crore in March quarter. The exceptional gain includes a non-cash gain of Rs 14077 crore on account of restructuring of UK pension scheme.

Commenting on the result, TV Narendran, CEO & MD said that Tata Steel performance has been robust in FY 2018 driven by strong execution strategy and supported by favourable global demand-supply balance. During the year, the company's Indian operations delivered volume growth better than the market on the back of the ramp-up at Kalinganagar plant and the strength of the firm's marketing network and brand equity. Growth was broad-based across marketing segments.

Gross debt as on 31 March 2018 increased to Rs 92147 crore, mainly driven by foreign exchange translation impact. Net debt declined to Rs 69215 crore.

Tata Steel is currently the world's second-most geographically diversified steel producer.

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