Earnings beat led by Indian operations; Europe struggles

Company
30 Jan 2024
5 Min read 
  • Tata Steel's 3QFY24 results showed earnings beat led by Indian operations, while Europe struggled.
  •  Standalone revenue increased 2% YoY to INR347b, in line with estimates.
  •  EBITDA jumped 61% YoY to INR82b, above estimates.
  •  Domestic ASP is expected to decrease by INR1,000/t in 4QFY24.
  •  Gross debt declined to INR882b, with net debt at INR774b.
  •  The company provided guidance for lower realizations and higher coal costs in the coming quarters.
  •  Tata Steel is trading at a P/E ratio of 33.6x and a P/B ratio of 1.8x.
  •  The company's return ratios are expected to improve from FY25 onwards.
  •  The stock is considered fairly valued at the current price.
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