BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Steel Ltd.’s Q1 FY21 consolidated Ebitda at Rs 5 billion (down 91% YoY) was the weakest in the past 10 years.
The Covid-19 crisis led to a sharp decline in both volumes and margins across all entities.
Margin outlook in Indian operations, however, is much better with prices bouncing back to near pre-Covid levels. Europe, though, should remain a drag with Ebitda losses expected to continue in the near term.
We have raised FY21/FY22E Ebitda estimates by 16%/7% to factor in the improved outlook in Indian operations.However, leverage remains unfavorable at 6.8 times FY21 Ebitda.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR