Tata Steel share price slipped over 3 per cent even as the company reported consolidated net profit of Rs 14,688.02 crore for the fourth quarter ended March, driven by an "exceptional" gain of Rs 11,376 crore. It had clocked a net loss of Rs 1,168.02 crore in the same quarter last year. Tata Steel stock slipped as much as 3.26 per cent to Rs 602.40 on the BSE. 

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"The exceptional gain was Rs 11,376 crore, which includes a non-cash gain of Rs 14077 crore on account of restructuring of UK pension scheme in the March quarter," the company said in a release.

For financial year 2017-18, the steel maker reported a net profit of Rs 17,763 crore, against a loss of Rs 4,169 crore in the previous fiscal.

Last week the National Company Law Tribunal (NCLT) approved Tata Steel's bid for debt-ridden Bhushan Steel. The tribunal also dismissed a plea filed by the employees of Bhushan Steel opposing Tata Steel's bid and imposed a fine of Rs 1 lakh.

Tata Steel’s Q4FY18 performance beat was largely due to favourable steel environment globally. Going ahead, the value-accretive Bhushan Steel deal and definitive agreement with TK are further sweeteners. At CMP, the stock is trading at 5.5x FY20E EBITDA. We maintain ‘BUY/SO’ with TP of Rs 903, implying an exit multiple of 7.0x FY20E EBITDA," said Edelweiss Securities in a research note.

Prabhudas Lilladher also has a buy rating on the stock.  

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"Tata Steel reported earnings in line with our expectation. We remain extremely positive on the sector given the strong outlook on demand and structural restructuring of Chinese supplies. Curtailment of exposure to Europe and sharp increase in share of domestic operations through organic and inorganic route makes Tata Steel one of the best candidate to play the strength in steel sector. We reiterate BUY with TP of Rs 830, EV/EBITDA 6.5x FY20E," said the brokerage in a results review report.