Tata Steel, India's largest steel producer, today reported 89% drop in consolidated net profits for the second quarter of current fiscal at Rs. 212 crores vs. Rs. 1,979 crores in Q2 of previous fiscal. However the consolidated sales for the same period went up by 15.5% to Rs. 8,212 crores vs Rs. 7,107 crores sales in Q2 of previous fiscal. Group EBITDA in Q2 FY’12 at 2,944 crores was 34.5% lower than the 4,497 crores recorded in Q2 FY’11. The Group EBITDA in Q2 FY’12 declined on account of higher global raw materials costs and lower average selling prices at Tata Steel Europe.
Download the press release of the result from the following link: Tata Steel Press Release Q2 Result
The stock has been in downtrend since past 1 year and has under performed the broader market. The stock was even weak on Friday's trade when it fell around 4% to close at Rs. 449. 52 week high low for the stock is 713.80 - 391.10.
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