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ICICI Securities Report
Jindal Stainless Ltd. reported better-than-expected Q2 FY22 Ebitda, with Ebitda/tonne increasing by ~Rs 3,862/tonne QoQ.
H1 FY22 consolidated Ebitda of Jindal Stainless of Rs 13.5 billion with combined volumes of 0.495 kilo tonne leads to volume as well as margin upgrade for FY22E.
Increasing raw material prices (nickel and ferrochrome up ~10/21% QoQ) helped inventory valuation and consequently Ebitda. Q2 FY22 Ebitda also includes a forex gain of ~ Rs 610 million.
Increase in working capital and expansion capex didn’t allow deleveraging – net debt increased QoQ from Rs 14.5 billion to Rs 15.6 billion.
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