Prabhudas Lilladher: Tata Steel Q2 Review - Riding On Risk Of Peaked-Out Margins
Smoke rises from a chimney stack at the steel works operated by Tata Steel Ltd. in Port Talbot, U.K. (Photographer: Chris Ratcliffe/Bloomberg)  

Prabhudas Lilladher: Tata Steel Q2 Review - Riding On Risk Of Peaked-Out Margins

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Prabhudas Lilladher Report

Tata Steel Ltd. reported Q2 FY21 adjusted Ebitda above our/consensus estimates by 10%/31% at Rs 54.3 billion (up 35 YoY/4.2 times QoQ).

The beat was largely led by better earnings in subsidiaries.

Impacted by weak spreads, Tata Steel Europe reported Ebitda loss of 62 million U.S. dollar (versus our estimate loss of 61 million U.S dollar).

Indian operations earnings came in line with our estimates however beat consensus estimates by 25%.

Click on the attachment to read the full report:

Prabhudas Lilladher Tata Steel Q2FY21 Result Update.pdf


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