Tata Steel - Chance To Pare Down Debt For Good: ICICI Securities
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ICICI Securities Report
Tata Steel Ltd.’s management led with a commentary on structural shift in commodity markets and higher through cycle steel prices.
What’s impressive though is that capex programme hasn’t drawn confidence from the same and has been restricted to Rs 130-155 billion per annum for the next five years.
Management has also suggested the new net debt to Ebitda target of two times through cycle – FY22E being much lower.
Management clarified that two times is upper bound and will be tested only if anything meaningfully attractive (mostly inorganic) comes to notice.
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