TATA STEEL Announces Quarterly Results (2QFY21); Net Profit Down 61.2%

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TATA STEEL Announces Quarterly Results (2QFY21); Net Profit Down 61.2%
Thu, 26 Nov

TATA STEEL has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

TATA STEEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m345,792242,885371,54053.0%7.4%
Other incomeRs m1,8361,9262,22115.3%21.0%
TurnoverRs m347,627244,811373,76152.7%7.5%
ExpensesRs m307,596237,830310,43230.5%0.9%
Gross profitRs m37,8605,63961,539991.4%62.5%
DepreciationRs m21,27221,10822,6117.1%6.3%
InterestRs m18,71419,98319,402-2.9%3.7%
Profit before taxRs m-290-33,52621,747
TaxRs m-40,50012,7156,129-51.8%
Profit after taxRs m40,210-46,24215,619-61.2%
Gross profit margin%10.92.316.6
Effective tax rate%13,975.1-37.928.2
Net profit margin%11.6-18.94.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 7.4% on a year-on-year (YoY) basis. The expenses were up by 0.9% YoY during the same period.
  • The company's operating profit increased by 62.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.6% in 2QFY21 as against 10.9% in 2QFY20.
  • Depreciation charges increased by 6.3% and finance costs increased by 3.7% YoY, respectively.
  • Other income increased by 21.0% YoY during the quarter.
  • Net profit for the quarter declined by 61.2% YoY. Net profit margins during the quarter declined from 11.6% in 2QFY20 to 4.2% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 53.0% on a quarter-on-quarter (QoQ) basis. The expenses were up by 30.5% QoQ during the same period.
  • The company's operating profit increased by 991.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.6% in 2QFY21 as against 2.3% in 1QFY20.
  • Net profit for the quarter increased by 133.8% QoQ, while net profit margins increased from -18.9% in 1QFY20 to 4.2% in 2QFY21.

To see how TATA STEEL has performed over the last eight quarters,please visit here.

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TATA STEEL Share Price Performance

Over the last one year, TATA STEEL share price has moved up from Rs 424.5 to Rs 543.8, registering a Gain of Rs 119.4 or around 28.1%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 9,863.6 (up 0.5%). Over the last one year it has moved up from 9,611.9 to 9,863.6, a gain of 252 points (up 2.6%).

Overall, the S&P BSE SENSEX is up 7.1% over the year.

Current Valuations

At the current price of Rs 543.8, the price to book value (P/BV) ratio of TATA STEEL stands at 0.7 times.

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