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Prabhudas Lilladher Report
Tata Steel Ltd. reported Q2 FY22 Ebitda below our estimates/consensus estimates by 19%/14% at Rs 164.6 billion (up 2% QoQ).
The miss was due to lower margins in both domestic and Tata Steel Europe operations. Sentiments on Chinese demand turned negative over last quarter.
Contrary to historical trend of China pushing volumes in the exports market at unfeasible prices levels in wake of soft domestic demand, the flow of Chinese steel exports has been significantly contained this time with stringent curbs on production.
Nonetheless, Chinese steel prices came under pressure with fall of ~15% over last couple of months due to lower iron ore prices and weak demand.
As expected, Tata Steel's margins were expected to soften due to unsustainable coking coal prices.
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