Tata Steel reported better than expected EBITDA for Q4FY21 as its consolidated EBITDA jumped almost 2x YoY to Rs143 bn. The sharp increase in EBITDA was led by India operations where adjusted EBITDA/t increased to Rs27,828 (+38% QoQ, +221% YoY) on sharp increase in steel realizations. Tata Steel Europe EBITDA/t improved to Rs4,821 (vs. loss of Rs3,438 in Q3FY21) although it was slightly weaker than our estimate. Tata Steel's net debt fell by Rs107 bn to Rs750 bn. In FY22, it aims to lower its debt further...