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Systematix Research Report
Tata Steel Ltd.'s Q4 FY23 consolidated adjusted Ebitda of Rs 72.3 billion (-54%/+165% YoY/QoQ) was 37% above our estimate, driven by-
lower than expected loss at Tata Steel Europe, and
a sharp swing in trading business (newly reported segment) Ebitda from Rs -10 billion in Q4 FY22 to Rs 8 billion in Q4 FY23.
Standalone India operations posted Ebitda of Rs 81 billion (-35% YoY, +62% QoQ) (5% above estimate) and that of Tata Steel Europe operations stood at Rs -16 billion (versus Rs 125 billion/-16 billion in Q4 FY22/Q3 FY23).
Sales volumes at standalone India operations were 5.2 million tonne (-2% YoY, +9% QoQ) and consolidated at 7.6 mt (-5% YoY, +6% QoQ).
India net sales realisation was $879/tonne (-9%/+5% YoY/QoQ), 1% above estimate. Standalone and Tata Steel Europe operations reported Ebitda margins of $204/tonne (-38%/+39% YoY/QoQ) and $-93/t (versus $241/-95/tonne in Q4 FY22/Q3 FY23), 3%/19% above estimates, respectively.
Consolidated net debt fell by Rs 40 billion QoQ to Rs 678 billion at the end of the quarter. Capex during the quarter was Rs 44 billion versus Rs 36 billion the previous quarter, largely towards the 5 million tonne Kalinganagar brownfield expansion and setting up a 0.75 million tonnes per annum electric arc furnace mill in Punjab.
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