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Axis Securities Report
Tata Steel Ltd. reported a good set of numbers, beating consensus estimates on all fronts. Revenue (down 9% YoY) grew by 10% QoQ, a 4% beat against consensus estimates and was led by higher steel deliveries (up 9% QoQ) as well as improved realisation in India.
Ebitda (27% beat versus consensus) grew by 74% QoQ (down 52% YoY) led by lower raw material costs (coking coal), partially offset by higher other expenses. Indian Ebitda/tonne stood impressive at Rs 16,719/tonne, up 61% QoQ (ahead of the guidance of Rs 12,500/tonne), led by a higher topline, partially offset by inventory drawdown.
European Ebitda/tonne loss stood at $92/tonne (a marginal improvement from the loss of $95/tonne in Q3 FY23) due to higher other expenses which include bulk gas-related costs and higher employee costs at Tata Steel Netherlands.
Underlying attributable profit after tax improved on a QoQ basis to Rs 1,693 crore from the loss of Rs 2,384 crore in Q3 FY23 (down 83% YoY), aided by lower tax expense in the quarter.
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