Tata Steel reported a 64.59 per cent decline in its consolidated net profit to Rs 554.56 crore for the January-March quarter of 2023-24. Check share price target by brokerages.
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Tata Steel on Wednesday reported a 64.59 per cent decline in its consolidated net profit to Rs 554.56 crore for the January-March quarter of 2023-24 on lower realisations and certain exceptional items. The steel major had posted a profit of Rs 1,566.24 crore in the year-ago period.
Total income of the company declined to Rs 58,863.22 crore in the quarter from Rs 63,131.08 crore in the January-March period of FY23. Expenses dropped to Rs 56,496.88 crore in the period against Rs 59,918.15 crore a year ago.
Its revenues decreased by 6 per cent due to lower realisations but were partly offset by higher volumes in India.
TATA Steel Dividend
The board of the company has recommended a dividend of Rs 3.60 per equity share of face value Re 1 each for FY24.
Tata Steel Dividend 2024 Record Date
Tata Steel has fixed June 21, 2024, as the record date of the final dividend.
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Tata Steel Dividend Payment Date 2024
According to the company’s filing, the dividend, if approved at the AGM, will be paid, subject to deduction of applicable tax at source, on and from Friday, July 19, 2024.
Tata Steel Share Price Target 2024:
Jefferies maintained a Buy rating with a target price of Rs 200. “Q4 First Cut: Weak but better-than-estimates. Standalone EBITDA/t fell 12 per cent QoQ to~Rs 15 k, pulled down by lower ASP. Europe EBITDA/t loss narrowed sharply from -$191 in Q3 to -$40 in Q4,” the brokerage firm stated.
TATA Steel CEO On Q4 Results
T V Narendran, its Chief Executive Officer & Managing Director, said, “Our domestic deliveries were best ever at around 19 million tonnes and were up 9 per cent Year-on-Year (YoY) with broad based improvement across chosen market segments.
“Automotive volumes were aided by higher deliveries of hot-rolled and cold-rolled steel to auto OEMs (original equipment manufacturers) while our well-established retail brand Tata Tiscon crossed 2 million tonnes on an annual basis.
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Overall, India deliveries now make up 68 per cent of total deliveries and will continue to grow with incremental volumes from 5 MTPA capacity expansion at Kalinganagar,” he said.
