External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.</li><li>However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.</li><li>European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel  - Indian Operations Outperform; Europe Continues to Drag

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

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Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-2979'>Tata Steel Thailand</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Tata Steel Thailand

<ul><li>Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.</li><li>Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).</li><li>Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Steel - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

Trung Nguyen

Tata Steel has released its Q2/23-24 results. Consolidated production and sales volume declined 3% and 2% y-o-y, respectively, to 7.31 mn tons and 7.07 mn tons, respectively. Consolidated revenue fell 7% to INR 55,682 cr, driven by lower volume and prices. EBITDA was INR 4,315 cr, with a margin of 8%. EBITDA margin/ton was INR 6,106. The Indian business continued to perform well, but the European business continued to weigh on the overall performance. While the results were decent, the Indian business' good performance was offset by increasing losses in the UK operations. The financial risk profile is deteriorating. Positively, liquidity is solid, with a large cash position. Key near-term credit drivers would be the restructuring of the UK business and a GBP 1.25 bn green steel manufacturing project in the UK.

  Tata Steel has released its Q2/23-24 results. Consolidated production and sales volume declined 3% and 2% y-o-y, respectively, to 7.31 mn tons and 7.07 mn tons, respectively. Consolidated revenue fell 7% to INR 55,682 cr, driven by lower volume and prices. EBITDA was INR 4,315 cr, with a margin of 8%. EBITDA margin/ton was INR 6,106. The Indian business continued to perform well, but the European business continued to weigh on the overall performance.   While the results were decent, the Indian business' good performance was offset by increasing losses in the UK operations. The financial risk profile is deteriorating. Positively, liquidity is solid, with a large cash position. Key near-term credit drivers would be the restructuring of the UK business and a GBP 1.25 bn green steel manufacturing project in the UK. 

Tata Steel - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

Tata Steel Ltd (TATA IN)

Tata Steel - Indian Operations Outperform; Europe Continues to Drag

Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.

Axis Direct

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: Tata Steel Thailand

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Tata Steel - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).

Axis Direct

Tata Steel - Earnings Flash - Q2 FY 2023-24 Results - Lucror Analytics

Tata Steel has released its Q2/23-24 results. Consolidated production and sales volume declined 3% and 2% y-o-y, respectively, to 7.31 mn tons...

Lucror Analytics