Tata Steel’s (TSL) Q3FY23 consolidated EBITDA of Rs.40.5bn (down 75% YoY) was below street estimates though in line with ours. Key points: 1) lower coking coal prices offset the impact of lower steel realisations, which lifted domestic EBITDA/te; 2) TSE operations were impacted by NRV loss of GBP55mn on slab inventory in Europe; 3) consolidated debt was static at Rs717bn;