Tata Metaliks is down in the red today, figuring among the top five losers on the BSE; the stock opened over 5.5% lower at Rs.662 and went down further to an intraday low at Rs.645, going down over 8%.

The stock tumbled down after the company posted a disappointing earning for Q1FY23. From a net profit of Rs.95 crore, it fell down to a meagre Rs.1.22 crore (YoY), down 99%. Though revenue was up 10% at Rs.666 crore, the 41% rise in expenses is what dented the bottomline.

EBITDA was down 84% at Rs.24 crore while margins slipped sharply from 25.5% to 3.6%.

The earnings were impacted due to lower production of pig iron and higher costs on account of annual maintenance shutdowns and operational issues in one of the blast furnaces for much of April and May. The 15% export duty also led to a sharp drop in pig iron prices, severely denting profits.