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IDBI Capital Report
Tata Steel Ltd. reported sharp recovery in Ebitda in Q1 FY22 despite weak volumes.
India sales volumes fell 11% QoQ to 4.15 million tonnes as Covid-19 second wave affected demand.
Nevertheless, its India operations Ebitda/tonne increased 28% QoQ to Rs 33,604 and European operations Ebitda/tonne increased 36% QoQ to Rs 6,590 on higher realisations.
Tata Steel's consolidated net debt declined Rs 59 billion QoQ to Rs 739 billion ($2 billion deleveraging is likely in FY22 despite growth capex given upswing in steel cycle).
We raise our FY22 Ebitda estimate by 6% given higher than expected in Q1 FY22 Ebitda. We broadly maintain our FY23 estimates.
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