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

Thematic (Sector/Industry)

<ul><li>We expect steel companies under our coverage to report slight margin contraction QoQ.</li><li>We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.</li><li>We expect a much better quarter for base metal stocks under our coverage. </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.

We expect steel companies under our coverage to report slight margin contraction QoQ.We expect Tata Steel's consolidated EBITDA to slightly de-grow QoQ, led by the drag in the European operations. SAIL's margins are expected to slightly contract QoQ on account of higher coking coal consumption costs.We expect a much better quarter for base metal stocks under our coverage. 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.

<ul><li>Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.</li><li>EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). </li><li>Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. </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.

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices.EBITDA (up 19% YoY, down 33% QoQ) was a negative surprise due to a 29%/39% miss vs. consensus and our estimate, largely due to an unexpected surge in the Power and Fuel costs (up 14% QoQ, 19% higher than our estimates). Hindalco’s Consolidated Revenue (down 4% YoY, up 2% QoQ), stood in line with our estimate at Rs 54,169 Cr. 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.

Top Sector Ideas - Metals and Mining (Q2FY24)

<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

<ul><li>Tata Steel has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.</li><li>The upstream (3.5 MT Blast furnace and coke oven facilities) in the UK are coming near their end of life.</li><li>Tata Steel will transition to a 3.0 MT Electric arc furnace (EAF) replacing the old 3.5 MT blast furnace (BF) wherein the UK government has agreed to grant £500 Mn for the transition while Tata Steel will infuse the remaining £750 Mn (from internal equity) of the total Capex of £1.25 Bn required for the EAF steelmaking. </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 has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.The upstream (3.5 MT Blast furnace and coke oven facilities) in the UK are coming near their end of life.Tata Steel will transition to a 3.0 MT Electric arc furnace (EAF) replacing the old 3.5 MT blast furnace (BF) wherein the UK government has agreed to grant £500 Mn for the transition while Tata Steel will infuse the remaining £750 Mn (from internal equity) of the total Capex of £1.25 Bn required for the EAF steelmaking. 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.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

Metals and Mining Q3FY24 Results Preview

We expect a much better quarter for base metal stocks under our coverage. Both Hindalco and NALCO are expected to report margin expansion QoQ on...

Axis Direct

Top Sector Ideas - Metals and Mining (Q2FY24)

Nalco’s Revenue stood at Rs 3,043 Cr, down 13%/4% YoY/QoQ, led by a drop in the average LME Aluminium prices. EBITDA (up 19% YoY, down 33% QoQ) was...

Axis Direct

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 - UK Restructuring

Tata Steel has finally struck a deal with the UK government to provide support for green steel transition at its UK-based Port Talbot facility.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)