25 April 2019 Tata Steels (TATA) 4QFY19 consol. EBITDA increased 12% QoQ (+16% YoY) to higher margins in Europe, partially offset by margins compression in India. EBITDA increased 9% QoQ to INR49.5b as sales grew by 21% QoQ to 3.6mt owing to destocking, partially offset by a 10% QoQ decline in EBITDA per ton to INR13,766/t as steel prices declined by INR3,500/t QoQ. EBITDA declined 22% QoQ to INR7.9b, led by a 37% fall in EBITDA per ton to INR6,895/t due to steel price decline, partially offset by strong sales growth of 24% QoQ to 1.14mt aided by destocking. EBITDA increased 79% QoQ to INR17b, led by 9% growth in sales tonnage, a reduction in operating cost on the restart of BF5 at Port Talbot and INR5b worth one-offs (sale of land and carbon credits). EBITDA increased 34% to INR294b and PAT rose 27% to INR101b, led by higher steel prices.