TATA Steel Ltd - Q1FY12 Result Highlights
TATA Steel Ltd (TATA) reported its first quarter consolidated results for FY12 and has registered a net sales growth of 21.6% YoY to INR 328,399 mn which was ~9% above our estimates.
Outlook and Valuations
At CMP the stock is available at EV/EBITDA of 4.8x its FY13e and PE multiple of 6x of its FY13e earnings. Considering the expansion plan and the demand scenario, we believe that the company has potential for improved performance. We recommend BUY on the stock and maintain our price target of INR 690.
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