Tata Steel (TATASTEEL) — concall transcript

📢 Key Event
Tata Steel reported Q1 FY2023-24 results with India growth and European operational challenges.

🔄 What Changed
Net debt to EBITDA rose to 2.9x from target 2.5x; working capital increased by Rs 2,500 crores; Netherlands EBITDA per ton range narrowed to €70-140; capex increased to Rs 4,089 crores quarterly.

🔮 What's Next
Netherlands to achieve full-year EBITDA positivity by Q3 2023; UK to shift operating model by H2 2024; KPO-2 blast furnace commissioning by Feb-Mar 2024 with volume impact in FY25; target net debt to EBITDA of 2.5x by year-end; FY24 capex of Rs 16,000 crores confirmed.

💡 Investor Takeaway
India's strong demand offsets European headwinds, but rising debt and working capital strain require close monitoring of execution on capex and decarbonisation timelines.

Tata Steel reported consolidated revenue of Rs 59,490 crores and EBITDA of Rs 6,122 crores for Q1 FY2023-24, with India delivering 18% delivery growth and 10% steel consumption growth, while European operations faced temporary EBITDA pressure from blast furnace relining and input costs. The company emphasized net-zero by 2045, targeting 40 MTPA capacity by 2030, and allocated 23% of capex to environmental initiatives, with Kalinganagar expansion reaching 5 MTPA and cold mill upgrade nearing completion.

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About Tata Steel Ltd (TATASTEEL)

Metals & Mining · Steel · Listed on BSE

Market Cap: ₹2,29,197.64 Cr P/E: 20.8 ROE: 11.0% ROCE: 12.7% Div Yield: 2.18%

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"How will Tata Steel fund its Rs 16,000 crore FY24 capex amid rising net debt?" "What is the expected EBITDA recovery timeline for the Netherlands after blast furnace relining?" "When will the Kalinganagar expansion reach full 5 MTPA capacity and impact earnings?"

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🔥 Also filed on 30 June 2023

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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