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Manish
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| 16 August 2010, 17:32:05 |
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Results meet expectation on all fronts (based on earnings adjusted for forex translation loss at Corus): Tata Steel (Tata) posted adjusted consolidated net profit (attributable to equity shareholders) of Rs18.7bn (PLe of Rs.24.7bn). The performance seems below expectation, but adjusting for translation loss of US$42m, non-recurring maintenance cost to the tune of US$15m associated with fire at Ijmuiden plant and foreign currency loss of US$40 on translation of loans.
Company reported consolidated EBITDA of Rs44.3bn (PLe: Rs48.6) and adjusting for translation loss and higher maintenance cost at Corus, EBITDA arrived at Rs48.8 at par with PLe.
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Source: Dalal Street Investment Journal
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