Tata Steel surpasses consensus estimates - Microsec

Tata Steel Ltd. surpassed the consensus estimates by a wide margin and arrived with surprising Q1FY14 earnings. The net sales were down by 2.97% and 4.77% on QoQ and YoY basis. The EBITDA for the quarter was INR3688.04 crore, which was up by 8.37% on YoY basis, but down by 15.59% on QoQ basis. On YoY basis, it was up due to its cost control efficiencies.

The net profit adjusting the exceptional items and deferred gain/expense arrived at INR706 crore, which was down by 36% on YoY basis and 34.1% on QoQ basis but higher than the consensus estimate of INR377 crore.

In this quarter, there was a deferred tax gain of INR415.24 crore as compared to deferred expense of INR504.53 crore in Q1FY13 and INR187.71 crore in Q4FY13.

Source : Equity Bulls

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