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Tata Steel Stock Rise On Reporting Impressive Q2 Net Profits

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Shares of Tata Steel Ltd rise over 3 percent to hit Rs 610.60 a piece on Wednesday morning, a day after reporting a net profit of Rs 3,604.2 crore for the September 2018 quarter. In the same quarter last year, its profit was at Rs 976 crore. The numbers cannot be compared as Tata Steel profits now include that of Bhushan Steel.

Tata Steel Stock Rise On Reporting Impressive Q2 Net Profits
 

The steelmaker also reported an exceptional gain of Rs 163.7 crore in comparison to Rs 44.65 crore loss in the previous year. The company's revenue rose 34.1 percent to Rs 43,544.1 crore from the same quarter in 2017. Its volume was up by 15 percent on a year-on-year basis to 7.42 million tonnes.

The profits were driven by higher realizations in the domestic business and significant contributions from its recently acquired Bhushan Steel. A weaker rupee helped with better pricing for the domestic producers. Its performance in the Europe region was dull due to plant shutdowns. It made up for 37 percent of the quarter's revenue.

Auto and branded retail made for nearly half of its total deliveries. Indian business along with that of Bhushan Steel made for 61 percent of its revenues, 84 percent of the EBIDTA (earnings before interest tax and depreciation) and the complete net profit.

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