Tata Steel Q4 Results Review - Beat On Earnings; Tata EU Performance Set To Improve Further: Motilal Oswal

Motilal Oswal Report

Tata Steel Ltd.'s revenue stood at Rs 366 billion (YoY/QoQ: -4%/+5%) against our estimate of Rs 359 billion, primarily driven by improved volumes, which was offset by muted realization. Average selling price stood at Rs 67,592/tonne (YoY/QoQ: -15%/-5%) as compared to our estimate of Rs 68,961/tonne during the quarter.

Ebitda stood at Rs 80 billion (YoY/QoQ: -7%/-2%), against our estimate of Rs 74 billion. The beat was due to lower raw material costs. Ebitda/tonne stood at Rs 14,846/tonne (YoY/QoQ: -18%/-12%), against our estimate of Rs 14,132/tonne during the quarter. Tata Steel's adjusted profit after tax for the quarter stood at Rs 47 billion (YoY/QoQ: - 4%/+1%), 27% above our estimate of Rs 37 billion.

In Q4 FY24, domestic steel production stood at 5.24mt (YoY/QoQ: +16%/ +2%) and sales at 5.42 mt (YoY/QoQ: +13%/+11%), which were in line with our estimate.

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