Tata Steel Q1 Results: Profit Slumps 21% As One-Time Loss Weighs; Revenue Down 4%

Tata Steel Ltd. reported a 21% sequential decline in consolidated net profit for the June quarter as a one-time loss weighed on earnings, even as revenue and operating profit came in ahead of analysts' estimates.

The steelmaker posted a consolidated net profit of Rs 2,318 crore for the first quarter, down 20.8% from Rs 2,926 crore in the previous quarter. The reported profit was below the Bloomberg consensus estimate of Rs 2,759 crore, according to exchange filings and Street estimates.

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Revenue from operations declined 3.9% quarter-on-quarter to Rs 60,794 crore from Rs 63,270 crore. However, the topline exceeded analysts' estimate of Rs 58,155 crore.

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Operating performance remained relatively resilient. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 9,264 crore, down 5.7% sequentially from Rs 9,828 crore, but ahead of the estimated Rs 9,078 crore.

The company's EBITDA margin eased to 15.2% from 15.5% in the March quarter, broadly in line with expectations of 15.6%.

Tata Steel said its June-quarter earnings were impacted by a one-time loss of Rs 345 crore, which weighed on the bottom line during the period. The results were announced by the company in an exchange filing on Thursday.

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Tata Steel Q1 Result Highlights (Cons, QoQ)

• Net Profit down 20.8% at Rs 2,318 crore versus Rs 2,926 crore (Estimate: Rs 2,759 crore).

• Revenue down 3.9% at Rs 60,794 crore versus Rs 63,270 crore (Estimate: Rs 58,155 crore).

• Ebitda down 5.7% at Rs 9,264 crore versus Rs 9,828 crore (Estimate: Rs 9,078 crore).

• Ebitda Margin at 15.2% versus 15.5% (Estimate: 15.6%).

• One-time loss of Rs 345 crore in Q1.

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