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Motilal Oswal Report
On a standalone basis, Tata Steel Ltd.'s revenue/Ebitda/adjusted profit after tax grew 73%/33%/40% YoY to Rs 367 billion/Rs 122 billion/Rs 79 billion in Q4 FY22.
Revenue and Ebitda were broadly in line, while adjusted profit after tax was 9% above our estimate, led by a marginal 4% beat on Ebitda, lower-than-estimated finance cost, as well as higher other income.
On a consolidated basis, Tata Steel reported a revenue/Ebitda/adjusted profit after tax of Rs 693 billion/Rs 150 billion/Rs 100 billion in Q4 FY22, up 39%/6%/31% YoY.
The consolidated result was in line as other segments and forex adjustments offset the beat in its European result.
One-time provisioning of Rs 13.4 billion (Rs 5.4 billion towards inventory write-off and Rs 8 billion towards shortfall in meeting its mining dispatch target after the acquisition of mines) was made in other subsidiaries.
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