External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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 Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).</li><li>Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world</li><li>TSL has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.</li></ul><p><em>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.</em></p>

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the worldTSL has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.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 - Debt Increases Sharply QoQ Due to NINL Payout….

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Tata Steel reported a weak set of numbers for Q2FY23. Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.</li><li>Consolidated revenue declined by 1%/6% YoY/QoQ.</li><li>A higher sequential drop in revenue was due to a sharp fall in realisations led by a drop in steel prices across geographies.</li></ul><p><em>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.</em></p>

Tata Steel reported a weak set of numbers for Q2FY23. Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.Consolidated revenue declined by 1%/6% YoY/QoQ.A higher sequential drop in revenue was due to a sharp fall in realisations led by a drop in steel prices across geographies.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, No Sharp Recovery Visible in the Near-Term

Thematic (Sector/Industry)

<ul><li>Steel Q2FY23 Preview – Margins to hit a trough: We expect Steel companies under our coverage to deliver weak Q2FY23 numbers.</li><li>Revenue is likely to decline YoY mainly due to 1) Lower sales realisation on account of lower steel prices (domestic Steel HRC prices have corrected by 25% from the peak in Apr’22), 2) Weak exports due to the 15% export duty imposed from May’22, the lower sales realisation will be only partially offset by 3) QoQ increase in sales volumes led by re-stocking by traders as Q1FY23 sales volumes were impacted by sharp de-stocking by traders.</li><li>We expect EBITDA to show a steeper fall in Q2FY23, a de-growth of ~40% QoQ and ~65% YoY, primarily on account of a fall in the topline and higher coking coal consumption costs in the quarter.</li></ul><p><em>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.</em></p>

Steel Q2FY23 Preview – Margins to hit a trough: We expect Steel companies under our coverage to deliver weak Q2FY23 numbers.Revenue is likely to decline YoY mainly due to 1) Lower sales realisation on account of lower steel prices (domestic Steel HRC prices have corrected by 25% from the peak in Apr’22), 2) Weak exports due to the 15% export duty imposed from May’22, the lower sales realisation will be only partially offset by 3) QoQ increase in sales volumes led by re-stocking by traders as Q1FY23 sales volumes were impacted by sharp de-stocking by traders.We expect EBITDA to show a steeper fall in Q2FY23, a de-growth of ~40% QoQ and ~65% YoY, primarily on account of a fall in the topline and higher coking coal consumption costs in the quarter.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>Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22.</li><li>This has been on account of the weakness in the global, domestic demand and lower exports.</li><li>With the monsoon coming to an end, traders will focus on restocking which will gain momentum once the prices stabilize and bottom out.</li></ul><p><em>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.</em></p>

Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22.This has been on account of the weakness in the global, domestic demand and lower exports.With the monsoon coming to an end, traders will focus on restocking which will gain momentum once the prices stabilize and bottom out.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.

Steel Sector Outlook - Domestic Demand Revival A Key to Drive the Steel Sector

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<div><ul><li>Other subsidiaries offset beat in TSE - <span style="font-size: var(--content-font-size);">On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to </span><span style="font-size: var(--content-font-size);">INR367b/INR122b/INR79b in 4QFY22.</span></li></ul><div><ul><li>The company embarks on long-term capex - <span style="font-size: var(--content-font-size);">TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).</span></li></ul><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in </span><span style="font-size: var(--content-font-size);">India, it will be offset by an INR8,000-8,500/t hike in ASP</span></li></ul><div><div></div></div></div></div></div></div><p><em>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.</em></p>

Other subsidiaries offset beat in TSE - On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to INR367b/INR122b/INR79b in 4QFY22.The company embarks on long-term capex - TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).Highlights from the management commentary - The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in India, it will be offset by an INR8,000-8,500/t hike in ASPContent 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 - Result in Line, Europe Beats Our Estimates

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 - Debt Increases Sharply QoQ Due to NINL Payout….

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA).

ICICI Securities Limited

Tata Steel - Weak Q2, No Sharp Recovery Visible in the Near-Term

Its consolidated revenue stood in line with our estimates but EBITDA/PAT missed ours and the street's expectations by 16%/13% respectively.

Axis Direct

Metals & Mining Q2FY23 Results Preview

Steel Q2FY23 Preview – Margins to hit a trough: We expect Steel companies under our coverage to deliver weak Q2FY23 numbers.

Axis Direct

Steel Sector Outlook - Domestic Demand Revival A Key to Drive the Steel Sector

Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22. This has been on account of the weakness in the...

Axis Direct

Tata Steel - Result in Line, Europe Beats Our Estimates

On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY toINR367b/INR122b/INR79b in 4QFY22. Revenue and EBITDA were broadly in line

Motilal Oswal

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