Tata Steel Q4 Review - Best Play On Higher Steel Prices: Centrum Broking
Logos sit on the side of a building at the steel works operated by Tata Steel Ltd. in Port Talbot, U.K. (Photographer: Simon Dawson/Bloomberg)

Tata Steel Q4 Review - Best Play On Higher Steel Prices: Centrum Broking

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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.

Click on the attachment to read the full report:

Centrum Broking Tata Steel - Q4FY21 Result Update.pdf


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