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ICICI Direct Report
Tata Steel Ltd. reported subdued Q1 FY21 results wherein consolidated topline came in line with our estimate while consolidated Ebitda was notably lower than our estimate.
The Ebitda/tonne of both Indian, European operations came in lower than our estimate.
Standalone operations reported sales volume of approximately 2.1 million tonnes (MT). European operations reported steel sales of 2.0 MT, marginally higher than our estimate of 1.9 MT.
Tata Steel BSL Ltd. reported sales volume of 0.7 MT (higher than our estimate of 0.65 MT). Consolidated topline was at Rs 24289 crore (down 32% YoY, 28% QoQ), largely in line with our estimate of Rs 23010 crore.
Consolidated reported Ebitda was at Rs 506 crore while adjusted Ebitda was at Rs 1038 crore (notably lower than our estimate of Rs 1634 crore).
For the quarter, the company reported exceptional gain (net) of Rs 58 crore. Subsequently, on a consolidated basis, the company reported a net loss of Rs 4609 crore.
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