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. 

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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

<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.

<ul><li>Tata Steel reported a weak set of numbers as was largely expected.</li><li>Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales volumes partially offset by higher realisations across geographies.</li><li>Consolidated EBITDA at Rs 5,174 Cr declined by 65%/28% YoY/QoQ (10% beat) on lower topline and higher costs. </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 as was largely expected.Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales volumes partially offset by higher realisations across geographies.Consolidated EBITDA at Rs 5,174 Cr declined by 65%/28% YoY/QoQ (10% beat) on lower topline and higher costs. 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 European Operations Pose Near-Term Pain

Thematic (Sector/Industry)

<ul><li>We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).</li><li>We expect another good quarter for base metal stocks under our coverage.</li><li>Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.</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 anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).We expect another good quarter for base metal stocks under our coverage.Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.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.

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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

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

Tata Steel - Weak European Operations Pose Near-Term Pain

Tata Steel reported a weak set of numbers as was largely expected. Consolidated revenue declined by 6% YoY/QoQ each (4% beat) led by lower sales...

Axis Direct

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

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