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Motilal Oswal Report
Tata Steel Ltd. reported a weak but inline quarter as domestic average selling price took a breather after imposition of export duty. Standalone results were below estimates; while the Europe business was weak QoQ, but it was on expected lines.
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Tata Steel's standalone revenue at Rs 322 billion was 1% lower YoY, but was up 1% QoQ, and in line with our estimate of Rs 317 billion.
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Standalone Ebitda stood at Rs 48 billion, down 64% YoY and 49% QoQ. A sharp average selling price decline of Rs 14,660/y QoQ led to Rs 14,445/tonne correction in Ebitda/tonne.
Ebitda was 11% lower than our estimate. Ebitda/tonne came at Rs 10,177/tonne, down 67% YoY and 59% QoQ, and ~Rs 1300/tonne below our estimates.
Tata Steel's net debt increased Rs 172 billion QoQ to Rs 718 billion from Rs 544 billion earlier due to-
Rs 102 billion payout for Neelachal Ispat Nigam Ltd. acquisition,
Rs 62 billion dividend payout and
Rs 34 billion capex, largely toward Kalinganagar expansion.
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