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Axis Securities Report
Tata Steel Ltd. reported a strong Q4 FY22 performance which stood largely in line with our estimates. The company's revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 crore.
The revenue growth was led by higher sales volumes (8.01 million tonne, up 14% QoQ, up 2% YoY) and higher steel prices.
Segmental Ebitda stood at Rs 15,174 crore, up 6% YoY and down 4% QoQ, below our and street's expectations by 4% each.
Tata Steel's margins shrank to 21.9% in Q4 FY22 from 26.1% in Q3 FY22 and 28.6% in Q4 FY21, below our expectation of 23.1% and consensus of 23.8%, mainly due to the higher-than-expected impact of coking coal and raw material prices.
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