Tata Steel credit metrics to rise in FY25 driven by robust EBITDA growth

05 Jun 2024 CW Team

CreditSights, a subsidiary of FitchSolutions, anticipates a significant improvement in Tata Steel's credit metrics for the fiscal year 2025. This enhancement is expected to be driven by robust EBITDA growth and reduced capital expenditure, leading to a favourable net leverage position. The report highlights factors such as infrastructure-driven domestic steel demand and declining coking coal prices as key contributors to this improvement. Despite Tata Steel's recent financial performance, which witnessed a substantial decline in consolidated net profit for the March quarter, CreditSights remains optimistic about the company's prospects. It predicts a strong mid-20% year-on-year growth in FY25 EBITDA, fuelled by resilient domestic steel demand, potential recovery in steel price realisations, and lower input costs for coking coal offsetting higher iron ore costs. Although Tata Steel's annual results revealed a decline in revenues and EBITDA due to on-going losses in Europe and increased operating expenses, the company's performance was relatively better than anticipated. Strong revenues from India operations and reduced coking coal expenses partially mitigated these challenges, according to the ratings firm. (Source: ET)

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