Tata Sponge Iron reports flat net profit

Tata Sponge Iron on Friday reported its second-quarter result for the fiscal year 2018-19.

The company’s consolidated revenue for the quarter came in at Rs. 216.21 crore, registering 29.3 per cent yoy increase.

EBITDA for the quarter fell by 13.4 per cent yoy to Rs. 29.81 crore with a corresponding margin contraction of 680 bps. EBITDA margin for the quarter stood at 13.8 per cent. The company’s net profit during the quarter remained flat at Rs. 27.63 crore as compared to Rs. 27.62 crore in corresponding quarter of last year.

Ahead of its second-quarter results, the stock of Tata Sponge Iron was trading at a positive mark. The stock which opened at Rs. 815 per share went up by almost 10 per cent from its previous close to touch intraday high of Rs. 894.6 crore. The stock closed for the day at Rs. 830, up by almost 2.6 per cent from its previous close.