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ICICI Securities Report
Tata Steel Ltd. surprised on deleveraging and capital allocation while consolidated print (Rs 158 billion of adjusted consolidated Ebitda) was in line.
Q4 FY22 witnessed ~Rs 140 billion of free cash flow, taking net debt to Rs 510 billion, down ~Rs 150 billion. Tata Steel has paid Rs 51/share in dividend (yield of 4%).
Capital allocation has surprised positively for FY22; conservative capital allocation with capex through internal accrual and increasing shareholder return in an elevated steel price environment should also define FY23E, in our view.
Tata Steel has announced a stock split of 10:1.
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