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IDBI Capital Report
Tata Steel Ltd.'s Q2 FY22 Ebitda was slightly below our estimate.
India sales volumes increased by 11% QoQ to 4.58 million tonnes and India operations Ebitda/tonne declined 10% QoQ to Rs 29,256 due to rising coking coal costs.
Nevertheless, Tata Steel's European operations Ebitda/tonne increased 136% QoQ to Rs 15,609 led by inventory gain and higher prices despite lower deliveries.
Consolidated net debt fell Rs 51 billion QoQ to Rs 689 billion ($2 billion deleveraging is likely in FY22 despite growth capex given upswing in steel cycle).
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