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Revenue
₹54,771 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,822 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Steel's Q1 FY25 consolidated revenue stood at INR 54,771 crore with EBITDA of INR 6,822 crore, yielding a margin of 12.5%. India operations delivered strong performance with standalone EBITDA margin of 20% and per-ton EBITDA of INR 13,661, driven by lower coking coal costs and record domestic deliveries. Netherlands turned EBITDA positive at GBP 43 million post-BF6 relining stabilization, while UK losses widened to GBP 91 million due to one-off credits in prior quarter and heavy-end closure costs. The company is on track to commission Kalinganagar expansion (5 MTPA) by September, with full-year India volume guidance of 1.4 million tons incremental. Key risks include potential margin compression from Chinese steel exports and the Supreme Court ruling on mineral tax, which could increase costs. Management expects UK EBITDA to break even from Q3 FY25 post blast furnace closures.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year incremental volume from Kalinganagar expansion is guided at 1.4 million tons, as G Blast Furnace relining in Q4 offsets some gains.
- Management expects UK operations to reach close to breakeven or slightly positive EBITDA from Q3 FY25, after closure of second blast furnace in September.
- Net realizations in India are expected to be about INR 1,500 per ton lower in Q2 compared to Q1, due to soft steel prices.
- Netherlands net realizations are projected to be GBP 60 per ton lower in Q2 compared to Q1, reflecting market weakness.
Risks flagged
- The Supreme Court ruled states can levy tax on mineral rights, potentially increasing royalty costs for iron ore and coal, impacting margins.
- China exporting 8-9 million tons per month at low prices is causing price softness globally, which could compress spreads.
- Closure of blast furnaces and transition to EAF involves significant one-off costs and execution risks, including employee redundancies and supply chain adjustments.
- Net debt rose to INR 82,162 crore due to working capital buildup in UK and India, which may take time to unwind.
Key quotes
- It would be very ironical if in India, with all the iron ore that it has, firstly, overtaxes the iron ore and negates the competitiveness that we as a country should have right at the raw material stage.
- The underlying performance, though, has actually improved on quarter-on-quarter.
- We are looking forward to producing about 1.7 million tons from this new facility after the startup in September.
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