Tata Steel Q4 Review – Deleveraging Key Highlight Of The Quarter: ICICI Securities

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Deleveraging (Rs 110 billion in Q4 FY21) aided by Rs 32.4 billion of net proceeds from partly paid shares was the key highlight of Tata Steel Ltd.’s Q4 FY21 results.

FY21E witnessed approximately Rs 200 billion net debt reduction.

Adjusted consolidated Ebitda of Rs 139.3 billion was largely inline, with ~ Rs 3 billion from Tata Steel South East Asia which has been reclassified to ‘continuing operations’ from ‘held for sale’.

Standalone Ebitda print surprised at Rs 27,828/tonne against Rs 26,500/tonne expected, while Tata Steel Europe reported an inline $66/tonne of Ebitda.

Management has maintained its net debt reduction guidance of $1 billion plus for FY22E.

Click on the attachment to read the full report:

ICICI Securities TataSteel Q4FY21 Results Update.pdf


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