*Tata Steel Ltd.* | *CMP* Rs. 1068 | *M Cap* Rs. 127812 Cr | *52 W H/L* 1068/259
(Nirmal Bang Retail Research)
*Result better than expectation*
Revenue from Operations came at Rs. 49977 Cr (26.2% QoQ, 48% YoY) vs expectation of Rs. 46314.3 Cr, QoQ Rs. 39594.1 Cr, YoY Rs. 33770 Cr
The volume for the quarter came at 7.8mnt( +11%/6%, yoy/qoq basis)
Realisation for the quarter came at Rs 63827/t as against Rs53433/t qoq and Rs 47832/t yoy.
EBIDTA came at Rs. 14183 Cr (49.9% QoQ, 205.2% YoY) vs expectation of Rs. 12926.1 Cr, QoQ Rs. 9463.6 Cr, YoY Rs. 4646.9 Cr
EBITA/t at Rs 18113/t for Q3FY21 compared to Rs 12771 and 6581 on qoq and yoy basis respectively.
EBITDA Margin came at 28.4% vs expectation of 27.9%, QoQ 23.9%, YoY 13.8%
Adj. PAT came at Rs. 7161 Cr vs expectation of Rs. 7421.8 Cr, QoQ Rs. 3850.8 Cr, YoY Rs. 1924.5 Cr
Quarter EPS is Rs. 59.8
Share is trading at P/E of 8.7x FY22E EPS
*Tata steel standalone*
volume came at 3.30mnt compared to 3.34qoq and 2.91mnt yoy.
Realisation stood at 63084/t as against Rs 52966/t and RS 47075/T on Qoq and yoy basis respectivley
EBITDA/t stood at 27828/t compared to Rs20175/t qoq and Rs 12573yoy on higher realisations
*Europe*
Reported EBITDA/T at Rs1194/t is positive as compare to (-3438 qoq) and 272/T YOY.
Volumes at 2.47mntonne is down by 14% and 19% on yoy and qoq basis respectively
*Net debt declined to Rs 75389cr as against Rs 116328cr in FY20*