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 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

<ul><li>Tata Steel reported a good set of numbers, beating consensus estimates on all fronts.</li><li>Revenue (down 9% YoY) grew by 10% QoQ, a 4% beat against consensus estimates and was led by higher steel deliveries (up 9% QoQ) as well as improved realisation in India.</li><li>EBITDA (27% beat vs. consensus) grew by 74% QoQ (down 52% YoY) led by lower RM costs (coking coal), partially offset by higher other expenses.</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 good set of numbers, beating consensus estimates on all fronts.Revenue (down 9% YoY) grew by 10% QoQ, a 4% beat against consensus estimates and was led by higher steel deliveries (up 9% QoQ) as well as improved realisation in India.EBITDA (27% beat vs. consensus) grew by 74% QoQ (down 52% YoY) led by lower RM costs (coking coal), partially offset by higher other expenses.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 - Robust Q4, Mix of Headwinds and Tailwinds Ahead; Maintain HOLD

Thematic (Sector/Industry)

<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)

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 - 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

Tata Steel - Robust Q4, Mix of Headwinds and Tailwinds Ahead; Maintain HOLD

Tata Steel reported a good set of numbers, beating consensus estimates on all fronts. Revenue (down 9% YoY) grew by 10% QoQ

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