BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tata Steel Ltd. reported in line operating performance aided by improved average selling price for India business, higher volumes, lower coking coal consumption cost and better operating efficiencies during Q4 FY23.
Tata Steel's standalone revenue was down 7% YoY/up 13% QoQ at Rs 343 billion, in line with our estimate of Rs 329 billion. Standalone Ebitda declined 34% YoY/up 58% QoQ at Rs 81 billion (14% above our estimate of Rs 71 billion).
Standalone ASP improved Rs 2,453/tonne QoQ to Rs 68,826/tonne and Ebitda/tonne improved Rs 5,085/tonne QoQ to16,326 (6% above our estimate of Rs 15,335).
Adjusted profit after tax was down 40% YoY/up 74% QoQ to Rs 47 billion (13% higher). The QoQ improvement was led by higher volumes, lower coking coal consumption cost, lower freight and handling charges, and lower depreciation that was partially offset by higher interest cost, increase in forex impact, higher royalty expense and higher tax.
Tata Steel Europe's revenue was higher than our estimates by 15% at Rs 220 billion (down 16% YoY/up 6% QoQ). However, Tata Steel Europe posted an operating loss of Rs 16 billion. The increase in loss was due to lower realisations, rise in iron ore cost and increase in employee cost at the Netherlands.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.