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Tata Steel anticipates challenges in its European operations to impact its net profit for the third quarter of the financial year. Despite marginal consolidation-level margin expansion, the company expects a 16% sequential decline in net profit. The official results are scheduled to be announced today.
Analyst reports suggest that Tata Steel is likely to reveal a consolidated net profit of ₹703 crore, a notable improvement compared to the net loss of ₹2,384 crore reported in the same quarter of the previous year. However, on a sequential basis, the expected net profit decline is estimated to be 16%.
Consolidated revenue for the quarter is projected to be ₹56,400 crore, indicating a marginal decline of 1% compared to the corresponding quarter in the previous year. On a sequential basis, revenue is expected to increase by 1.3%, primarily driven by higher sales realisation in Indian operations and increased sales volume in India. This growth, however, is partially offset by lower sales volume and realisation in Europe.
The operational changes in Europe and updates on union talks are expected to be crucial factors in Tata Steel's performance in the quarter. Despite the challenges in Europe, Yes Securities notes that margin expansion is anticipated at the consolidated level, attributed to stable steel prices and a modest impact on the coking coal front.
Axis Capital predicts a marginal 2% quarter-on-quarter dip in EBITDA per tonne at Indian operations, reaching ₹14,705. This is attributed to increased coking coal consumption costs despite higher realisations and sales volumes. In Europe, the expected EBITDA per tonne loss is projected to widen to $180 from $137 in Q2 FY24, driven by lower sales volume and realisation, partially offset by reduced coking coal consumption costs.
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