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ICICI Direct Report
Tata Steel Ltd.'s consolidated Ebitda came in broadly in line with our estimate for Q3 FY23. For Q3FY23, Tata Steel's standalone operations reported sales volume of 4.5 million tonnes, up 6% YoY but down 4% QoQ (our estimate: 4.5 mt).
Tata Steel standalone operations reported Ebitda/tonne of Rs 11350/tonne, marginally lower than our estimate of Rs 12500/tonne.
For Q3 FY23, Tata Steel's European operations reported negative Ebitda/tonne of $95/tonne (our estimate of negative Ebitda/tonne of $75/tonne).
For Q3 FY23, Tata Steel's consolidated operations reported a topline of Rs 57084 crore, down 6% YoY, 5% QoQ. Consolidated reported Ebitda for the quarter was at Rs 4048 crore, down 75% YoY and 33% QoQ, broadly in line with our estimate of Rs 4279 crore.
The British Steel Pension Scheme with Tata Steel UK as sponsor has completed a substantial part of its de-risking journey with ~60% of its liabilities insured.
The buy-in transaction along with actuarial movements has resulted in a non-cash deferred tax expense of Rs 1783 crore and increased the overall deferred tax expense for the quarter to Rs 2150 crore. The ensuing consolidated reported net loss for the quarter was at Rs 2502 crore.
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More Research Reports On Tata Steel's Q3 FY23 Results Review
Weak Performance; Europe Continues To Struggle: Motilal Oswal
European Operations Margins Disappoint; Outlook Muted: IDBI Capital
Margin Pressures To Ease In The Near-Term: Systematix
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