Hem Securities report on Tata Steel
The company improved its net debt to ratio 0.52x in FY22 from 0.98x in FY21, 1.42x in FY20. The improvement in the ratio on YoY basis was primarily attributed to reduction of debt from Rs.75389 cr (FY21) to Rs.51049 cr (FY22). Consolidated EBITDA stood at Rs 63490 cr grew by 108% YoY with margin of 26% (increased by 600 Bps YoY). Revenue for the quarter stood at Rs.243,959 cr, up 56% YoY.
Outlook
We have maintained BUY rating on stock and value the stock at 3.81x FY24 earnings to arrive at the target of Rs.1650.
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