Tata Steel Q4 Review - Outlook On Strong Footing, Top Pick In The Ferrous Space: Prabhudas Lilladher

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Prabhudas Lilladher Report

Led by better than expected performance in domestic operations, Tata Steel Ltd. reported 6%/8% beat on our/consensus Ebitda estimates.

Consolidated Ebitda grew 48% QoQ at Rs 141.8 billion (our estimate: Rs 130.9 billion).

Profit after tax doubled QoQ to Rs 76.4 billion (our estimate: Rs 70.1 billion).

The beat was largely led by a strong show in standalone/Tata steel BSL Ltd.'s operations with Ebitda at Rs 91.9 billion/Rs 25.8 billion (our estimate: Rs 86.7 billion/Rs 22.7 billion), up 37% QoQ/58% QoQ.

However, Tata Steel Europe operations marginally fell short of expectation due to a reversal of gain of £47 million recognised on the monetisation of carbon credit receipts in Q1 FY21.

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