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Axis Securities Report
Tata Steel Ltd.'s reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.
However, consolidated Ebitda at Rs 6,334 crore was a significant beat (15% beat against consensus), led by higher Ebitda/tonne in India.
Ebitda/tonne in India stood significantly ahead of our estimate at Rs 16,903/tonne (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.
Tata Steel's European Ebitda/tonne loss stood in line at $178/tonne, which expanded from a loss of $155/tonne in Q3 FY24 and $95/tonne in Q3 FY23. Attr. reported profit after tax stood at Rs 513 crore compared to a loss of Rs 6,196 crore in Q2 FY24 and Rs 2,224 crore in Q3 FY23.
Net debt slightly increased to Rs 77,405 crore from Rs 77,032 crore in Q2 FY24.
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