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IDBI Capital Report
Tata Steel Ltd. reported stronger than expected profitability in Q2 FY21 as Ebitda/net profit were significantly ahead of our and street forecasts.
The company's Ebitda jumped 60.8% YoY at Rs 61 billion (above our estimate of Rs 35 billion and street forecast of Rs 40 billion) on higher realisations and costs control.
The company cut its net debt by Rs 82 billion in Q2 FY21 to Rs 964 billion.
Tata Steel is in talks with Swedish, SSAB to sell its Ijmuiden capacity (7 million tonne per annum) the proceeds, if the sale goes through, would lead to further deleveraging.
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