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View Promises →Tata Steel Limited — Q4 FY24
Tata Steel's Q4 FY24 consolidated revenue stood at INR 58,687 crore with EBITDA of INR 6,631 crore, translating to a 12% margin (up 200 bps QoQ excluding FX).
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Tata Steel's Q4 FY24 consolidated revenue stood at INR 58,687 crore with EBITDA of INR 6,631 crore, translating to a 12% margin (up 200 bps QoQ excluding FX). India standalone EBITDA margin was 22%, while UK and Netherlands losses narrowed significantly. The company achieved highest-ever crude steel production of 20.8 million tons and domestic deliveries grew 9% YoY. Key drivers included strong India volumes, cost optimization, and improved European operations post-BF6 reline. Guidance for FY25 includes India volume growth of 1.4 million tons, capex of INR 16,000 crore (75% in India), and UK cash breakeven by H2. Risks include UK restructuring execution, Chinese steel imports via FTA routes, and potential delays in Kalinganagar ramp-up.
टाटा स्टील की चौथी तिमाही (जनवरी-मार्च 2024) की कुल कमाई 58,687 करोड़ रुपये रही। कंपनी ने 6,631 करोड़ रुपये का EBITDA (कमाई में से खर्च घटाने के बाद बचा मुनाफा) कमाया, जो 12% मार्जिन (मुनाफे की दर) है। भारत में यह मार्जिन 22% था, जबकि UK और नीदरलैंड्स में घाटा कम हुआ। कंपनी ने सबसे ज्यादा 20.8 मिलियन टन स्टील बनाया और भारत में बिक्री 9% बढ़ी। मुनाफा बढ़ने की वजहें: भारत में ज्यादा बिक्री, खर्च कम करना, और यूरोप में फैक्ट्री सुधार। अगले साल की योजना: भारत में 1.4 मिलियन टन ज्यादा बिक्री, 16,000 करोड़ रुपये निवेश (75% भारत में), और UK में साल की दूसरी छमाही तक घाटा खत्म करना। जोखिम: UK में बदलाव, चीन से सस्ता स्टील आना, और नई फैक्ट्री में देरी।
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UK restructuring execution risk
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Read Transcript →Quarter Snapshot
Crude steel production
20.8M tons
+9% YoY
Highest-ever annual crude steel production, driven by India operations.
Domestic deliveries growth
9% YoY
+9% YoY
Leveraged persistent domestic demand; automotive volumes up 8% YoY.
India EBITDA per ton
INR 15,573
+400bps YoY margin
Full-year India EBITDA margin improved 400 bps YoY to 22%.
UK EBITDA loss
-GBP 34M
narrowed from -GBP 159M QoQ
Q4 UK EBITDA loss reduced sharply QoQ due to lower costs and carbon credit benefit.
What Changed vs Last Quarter
NEW
India volume growth of 1.4 million tons in FY25
Consolidated volume guidance of 1.4 million tons increase, driven by Kalinganagar expansion (1.7 million tons) offset by Jamshedpur BF reline.
NEW
Capex of INR 16,000 crore in FY25
Total capex guidance of INR 16,000 crore, with 75% allocated to India for Kalinganagar expansion and downstream projects.
NEW
UK cash breakeven by H2 FY25
UK operations expected to be cash neutral in the second half of FY25, with full-year EBITDA positive in FY26.
NEW
Net debt/EBITDA below 2.5x by FY25 end
Management targets net debt to EBITDA ratio below 2.5x by end of FY25, assuming market conditions remain at cycle bottom.
DROPPED
India realizations expected ~INR 1,000 lower QoQ in Q4
Management guided for a sequential decline in net realizations in India for Q4 FY24.
DROPPED
Coking coal consumption cost ~$10 higher QoQ in Q4
Coking coal cost on consumption basis expected to increase by about $10 per ton in Q4.
DROPPED
UK losses to be halved in FY25 vs FY24
Management expects to significantly reduce UK losses next year, targeting a 50% reduction.
DROPPED
Netherlands to be EBITDA positive in FY25
Management expects Netherlands operations to turn EBITDA positive next financial year.
NEW RISK
Chinese steel imports via FTA conduits
Management flagged concern about Chinese steel entering India via Southeast Asian FTA partners, potentially pressuring domestic prices.
NEW RISK
Kalinganagar ramp-up delays
Blast furnace blow-in targeted for September 2024; any delay could impact volume guidance and cost profile.
RISK GONE
Coking coal cost volatility
Coking coal costs are expected to rise $10 QoQ in Q4, and further increases could pressure margins.
RISK GONE
Chinese steel export surge
High Chinese steel exports could depress global prices and impact Tata Steel's realizations.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
High Chinese steel exports could depress global prices and impact Tata Steel's realizations.
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Management expects Netherlands operations to turn EBITDA positive next financial year.
Mentioned in Q2 FY24, Q3 FY24
Management guided for a sequential decline in net realizations in India for Q4 FY24.
Fast read
Guidance and risk preview
Consolidated volume guidance of 1.4 million tons increase, driven by Kalinganagar expansion (1.7 million tons) offset by Jamshedpur BF reline.
Closure of blast furnaces by June/September 2024 may face operational or regulatory delays; grant funding agreement not yet signed.
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