BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Tata Steel Ltd. reported sharp recovery in Ebitda in Q1 FY22 despite weak volumes.
India sales volumes fell 11% QoQ to 4.15 million tonnes as Covid-19 second wave affected demand.
Nevertheless, its India operations Ebitda/tonne increased 28% QoQ to Rs 33,604 and European operations Ebitda/tonne increased 36% QoQ to Rs 6,590 on higher realisations.
Tata Steel's consolidated net debt declined Rs 59 billion QoQ to Rs 739 billion ($2 billion deleveraging is likely in FY22 despite growth capex given upswing in steel cycle).
We raise our FY22 Ebitda estimate by 6% given higher than expected in Q1 FY22 Ebitda. We broadly maintain our FY23 estimates.
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