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Motilal Oswal Report
Tata Steel Ltd. has been a key beneficiary of rising steel prices.
As expected, it reported a strong Q4 FY21, with consolidated Ebitda rising 205% YoY to Rs 142 billion (its highest ever) on the back of higher prices.
Net debt fell Rs 123 billion QoQ to Rs 826 billion (lowest since March-18).
We expect steel prices and margin to stay strong on tightening demand-supply in Asia and raise our FY22E/FY23E Ebitda estimate by 77%/36%.
Net debt is expected to decline by a further Rs 188 billion in FY22E to Rs 638 billion, despite the resumption of capex for the 5 million tonnes per annum expansion of the Kalinganagar plant.
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