In today’s briefing:
- The Beat Ideas: Indiabulls Housing- A New Era in Housing Finance
- Tata Steel – Earnings Flash – FY 2023-24 Results – Lucror Analytics
The Beat Ideas: Indiabulls Housing- A New Era in Housing Finance
- Indiabulls Housing Finance (IHFL IN) Raised INR 3,693 crores through rights issue, issued $350 million bond.
- Strong balance sheet, low NPAs, poised for growth in the retail housing via its asset light model.
- Rebranding to Samman Capital signals new phase of the company with multi-year growth guidance.
Tata Steel – Earnings Flash – FY 2023-24 Results – Lucror Analytics
Tata Steel’s Q4 and FY 2023-24 numbers were weak in our view, with the restructuring of the UK operations weighing on group performance and offsetting the robust Indian business. The financial risk profile deteriorated significantly, due to lower earnings and soft cash flows. Liquidity was inadequate, driven by the poor cash flows and large dividends.
We expect the steel industry’s operating environment in FY 2024-25 to be constructive and support Tata Steel’s earnings. However, the company’s solid earnings for the Indian operations should be offset by the restructuring of the UK business, for which another GBP 1.6 bn of additional costs is projected. It is unclear if there is light at the end of the tunnel.
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