Tata Steel’s stock price advanced by 0.94% to Rs 117.70 a day after the company posted a surprising net loss of Rs 6,196 crore on a consolidated basis for the second quarter of FY24, also missing street estimates, impacted by weak performance of its European operations. In comparison, the steel major had posted a net profit of Rs 1,514.42 crore in the comparable year-ago period. During the quarter review, the Tata Group firm’s consolidated revenue fell 7% to Rs 55,682 crore from Rs 59,878 crore recorded in the year-ago quarter.
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Tata Steel’s stock has delivered a mixed performance in the last one year. The stock price dropped 3% in the last five days and 8.59% in the last one month. The stock, however, has offered returns of 6% in the last six months and over 15% in the last one year to its investors.
Should you buy, sell or hold Tata Steel shares?
Prabhudas Lilladher: Buy – Target Price: Rs 144
“Tata Steel’s 2QFY24 consolidated EBITDA declined 30% YoY to Rs 427o crore (-18% QoQ; lower than PLe of Rs 4770 crore) on weak performance from European operations. Indian business delivered strong operating performance with EBITDA growth of 45% YoY to Rs 6750 crore (In-line with PLe of Rs 6820 crore). RM cost per ton declined 3% QoQ to Rs 30,300/t while other expenses declined 12% QoQ to Rs 20,945/t on lower royalty, FX impact and power cost. Operationally In-line TSI; all eyes on capex execution; weak pricing in Europe may continue hurting TSE. ‘Buy’ at Target Price Rs 144, CMP Rs 116.”
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