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.’s Q2 FY22 Ebitda was slightly below our estimate.
India sales volumes increased by 11% QoQ to 4.58 million tonnes and India operations Ebitda/tonne declined 10% QoQ to Rs 29,256 due to rising coking coal costs.
Nevertheless, Tata Steel's European operations Ebitda/tonne increased 136% QoQ to Rs 15,609 led by inventory gain and higher prices despite lower deliveries.
Consolidated net debt fell Rs 51 billion QoQ to Rs 689 billion ($2 billion deleveraging is likely in FY22 despite growth capex given upswing in steel cycle).
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