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Tata Steel’s Q3FY21 operational performance was better than our estimates. Consolidated topline came in at | 39594 crore (up 7% QoQ, 11% YoY), broadly in line with our estimate of | 39091 crore. During the quarter, for Indian operations while sales momentum was strong, deliveries were down 8% QoQ, 4% YoY to 4.65 million tonnes (MT) primarily due to lower opening inventory post strong sales in Q2FY21. European operations reported sales volume of 2.11 MT (down 10% YoY, 7% QoQ). Consolidated EBITDA was at | 9464 crore (up 55% QoQ, 161% YoY), higher than our estimate of | 8825 crore. Consolidated EBITDA margin was at 23.9% (up 1370 bps YoY, 750 bps QoQ), higher than our estimate of 22.6%. Ensuing consolidated PAT was at | 4011 crore, higher than our estimate of | 3672 crore (net loss of | 1229 crore in Q3FY20 and net profit of | 1665 crore in Q2FY21).
