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Prabhudas Lilladher Report
Tata Steel Ltd. reported Q2 FY21 adjusted Ebitda above our/consensus estimates by 10%/31% at Rs 54.3 billion (up 35 YoY/4.2 times QoQ).
The beat was largely led by better earnings in subsidiaries.
Impacted by weak spreads, Tata Steel Europe reported Ebitda loss of 62 million U.S. dollar (versus our estimate loss of 61 million U.S dollar).
Indian operations earnings came in line with our estimates however beat consensus estimates by 25%.
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