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.
Motilal Oswal Report
Tata Steel Ltd. has been a key beneficiary of rising steel prices.
As expected, it reported a strong Q4 FY21, with consolidated Ebitda rising 205% YoY to Rs 142 billion (its highest ever) on the back of higher prices.
Net debt fell Rs 123 billion QoQ to Rs 826 billion (lowest since March-18).
We expect steel prices and margin to stay strong on tightening demand-supply in Asia and raise our FY22E/FY23E Ebitda estimate by 77%/36%.
Net debt is expected to decline by a further Rs 188 billion in FY22E to Rs 638 billion, despite the resumption of capex for the 5 million tonnes per annum expansion of the Kalinganagar plant.
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