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IDBI Capital Report
Tata Steel Ltd.'s Q3 FY23 profitability was below our expectations. Although India sales volumes remained flat QoQ at 4.7 million tonnes, Ebitda/tonne increased by only 7% QoQ to Rs 10,869.
European operations profitability was weaker than our estimate and also company's guidance. European margins were weaker led by lower realizations, higher gas prices and inventory losses (Ebitda loss of at Rs 7,810/ tonne).
Tata Steel's consolidated net debt remain stable to Rs 717 billion.
We cut our FY24 Ebitda forecast by 14% to factor weaker economic conditions in Europe while we trim our FY23 Ebitda by 6%. We introduce FY25 estimates in this report and now value the stock on FY25 estimates.
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