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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<div><div><div><div><ul><li>Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.</li><li>On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.</li><li>We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. </li></ul></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>

Steel Q1FY24 Preview: For steel companies under our coverage (Tata Steel and SAIL), we expect margins to contract QoQ due to lower sales volume and elevated input coking coal consumption costs, offsetting higher realisations.On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the near peak of the last year.We expect revenues to decline QoQ on account of lower sales which will offset the slightly higher realisations on a QoQ basis. 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.

Equity Bottom-Up

<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><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 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

<ul><li>Tata Steel reported its provisional sales volumes for Q4FY23.</li><li>Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.</li><li>Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.</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 its provisional sales volumes for Q4FY23.Its Indian operations sales stood at 5.15MT, up marginally by 0.5% YoY and a robust 9% QoQ.Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.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>European operations to remain under pressure for upcoming three quarters: Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.</li><li>Indian operations to remain robust and we expect margin expansion in India business in Q4FY23.</li><li>However, NINL remained a drag in Q3FY23, though relief is expected as production ramps up to 1MT in FY24.</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>

European operations to remain under pressure for upcoming three quarters: Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.Indian operations to remain robust and we expect margin expansion in India business in Q4FY23.However, NINL remained a drag in Q3FY23, though relief is expected as production ramps up to 1MT in FY24.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 Q3; Downgrade to HOLD on European Woes

<ul><li>We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).</li><li>Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.</li><li>SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations YoY.</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>

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%/5% YoY/QoQ).Tata Steel’s consolidated EBITDA is expected to fall by 66%/10% YoY/QoQ led by lower sales realisations and higher energy costs in Europe.SAIL’s revenue is expected to increase by 2% YoY on the lower base of the last year’s sales volume, partly offset by fall in sales realisations YoY.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.

Metals and Mining  - Q3FY23 Earnings Preview

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)

Metals - Q1FY24 Earnings Preview

On a YoY basis, too, margins are expected to contract despite higher volumes YoY (on a low base) as HRC prices are now down by 15% YoY from the...

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

Metals - Q4FY23 Earnings Preview

Tata Steel Europe’s sales volume declined to 2.13 MT, down 11% YoY, but recovered by 7% QoQ, indicating an improving demand environment.

Axis Direct

Tata Steel - Weak Q3; Downgrade to HOLD on European Woes

Weak demand, higher energy costs, and re-lining of the blast furnace in Netherlands could keep Europe in EBITDA loss for the next three quarters.

Axis Direct

Metals and Mining - Q3FY23 Earnings Preview

We expect Tata steel to report revenue de-growth on both YoY/QoQ basis, led by a drop in HRC prices at India and Europe (ex-Mumbai prices down 25%...

Axis Direct

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