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Systematix Research Report
Tata Steel Ltd.'s Q3 FY23 consolidated adjusted Ebitda of Rs 27.2 billion (-83%/-53% YoY/QoQ) was 31% below our estimate. After accounting for forex-related adjustments, Ebitda was 4% below estimate.
Standalone India operations posted Ebitda of Rs 58 billion (-53% YoY, +18% QoQ) and that of Europe operations stood at Rs down 16 billion (versus Rs 29 billion/18 billion in Q3 FY22/Q2 FY23).
Sales volumes at standalone India operations were 4.7 million tonne (+ 7% YoY, -3% QoQ) and consolidated at 7.2 mt (+4% YoY, -1% QoQ).
Higher volumes were offset by +18.7%/-1% YoY/QoQ change in costs, and lower India realisation (-17.9%/-7.1% YoY/QoQ).
India and Tata Steel Europe operations reported Ebitda margins of $%148/tonne (-16/+18% YoY/QoQ) and $-96/t (versus $184/120/tonne in Q3 FY22/Q2 FY23), respectively.
Consolidated net debt remained largely flat at Rs 718 billion at the end of the quarter. Capex was steady at Rs 36 billion during the quarter, largely towards the 5 mt Kalinganagar brownfield expansion, set to be completed by FY25.
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More Research Reports On Tata Steel's Q3 FY23 Results Review
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European Operations Margins Disappoint; Outlook Muted: IDBI Capital
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