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Centrum Broking Report
Tata Steel Ltd. reported lower-than-expected adjusted consolidated Ebitda of Rs 139.3 billion (our estimate: Rs 152.2 billion), though up 66% QoQ.
The underperformance was due to lower profits at European operation which in turn was due to higher carbon cost provisioning.
Domestically, higher steel prices led Ebitda/tonne to increase by ~Rs 7,700/tonne QoQ to Rs 27,773.
The company reduced net debt by ~Rs 123 billion QoQ to Rs 825.4 billion.
We remain positive on steel cycle but expects steel prices to taper off from current levels.
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