Tata Steel reported strong result on a standalone basis. Europe, however, disappointed due to a surge in energy and coal costs. Consolidated EBITDA was 66% higher on a YoY basis, but 3% lower sequentially. Standalone EBITDA/t at INR28,631 (up 43% YoY) was 12% above to our estimates. However, Tata Steel Europe (TSE)'s EBITDA/t at USD182 was 18% lower than our estimate. The 4QFY22 trajectory for TSE, albeit, is better due to falling iron ore and renegotiated contractual steel prices offsetting the higher coal costs. Consequently, we raise our TP for...