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Prabhudas Lilladher Report
Tata Steel Ltd. reported Q4 FY22 Ebitda below our estimates by 13% at Rs 158.9 billion (down 5.4% QoQ/up 6% YoY).
The miss was primarily due to lower than expected margins in India operations and one-time provision of Rs 13.4 billion in Tata Steel mining, the mining subsidiary. While Tata Steel Europe delivered strong beat of 47% on back of higher prices.
Continued relaxation of policies for real-estate sector and front loading of infrastructure spending reflects visible pressure on Chinese authorities to stimulate economic activity given the meaningful slowdown witnessed over last couple of quarters and reemergence of Covid-19.
While, concerns on oversupply resulting from contraction in demand were addressed by commensurate curbs on production by authorities. Unlike past, this limited the intensity of Chinese mills to dump steel in exports markets.
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