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IDBI Capital Report
Tata Steel Ltd. reported better than expected Ebitda for Q4 FY21 as its consolidated Ebitda jumped almost two times YoY to Rs 143 billion.
The sharp increase in Ebitda was led by India operations where adjusted Ebitda/tonne increased to Rs 27,828 (up 38% QoQ, up 221% YoY) on sharp increase in steel realizations.
Tata Steel Europe Ebitda/tonne improved to Rs 4,821 (versus loss of Rs 3,438 in Q3 FY21) although it was slightly weaker than our estimate.
The company's net debt fell by Rs 107 billion to Rs 750 billion.
In FY22, it aims to lower its debt further by $1 billion even as it ramps up capex to expand its Kalinganagar plant by 5 million tonne per annum.
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