Shares of Tata Steel Ltd were trading flat on Wednesday early trade following robust Q4FY23 earnings. Tata Steel, the steel division of the Tata Group, outperformed market expectations in the fourth quarter of FY23 by reporting a consolidated net profit of ₹1,566.24 crore as compared to a significant loss of ₹2,501.95 crore in the third quarter of the same fiscal.
The steel majors consolidated revenue from operations for the fourth quarter of FY23 came in at 62,961.54 crore, up 10.3% from 57,083.56 crore for the third quarter but down 9.2% from 69,323.5 crore for the same period in FY22.
India's performance had the most impact on Tata Steel's profitability. The company has also announced a dividend of 360%.
Following the release of the Q4 results, JP Morgan assigned the stock an 'overweight' rating and a target price of ₹150, while Morgan Stanley and CLSA given the stock an ‘equal weight’ and ‘outperform’ rating and set target prices of ₹110 and ₹125, respectively.
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