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 Q4 FY22 Ebitda was ahead of our forecast. India sales volumes grew by 17% QoQ to 4.97 million tonnes although India’s operations Ebitda/tonne fell by 17% QoQ to Rs 23,690 led by higher coking coal prices and rise in employee cost.
Surprisingly, European operations Ebitda/tonne jumped 33% QoQ to Rs 18,135 on account of higher realisations and improved product mix.
Tata Steel's consolidated net debt fell Rs 118 billion QoQ to Rs 510 billion (deleveraging is likely to continue despite growth capex given upswing in steel cycle).
However, we lower our FY23 Ebitda estimate by 10% given sharp rise in coking coal prices in the past three months but we broadly maintain FY24 estimates.
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