BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Jindal Steel and Power Ltd. reported lower than expected Q1 FY22 Ebitda on weaker than expected sales volumes.
Its standalone Ebitda decreased 7% QoQ to Rs 45 billion as its volumes fell 16% to 1.6 million tonnes.
Exports contributed 34% to its sales in Q1 FY22 compared to 27% in Q1 FY21 as lockdown affected domestic demand.
Nevertheless, JSPL's net debt fell to Rs 152 billion as of June 30, compared to Rs 221 billion as of March 31 which is a strong positive.
Given weaker than expected Ebitda reported in Q1 FY22, we lower our FY22 Ebitda estimate by 11%.
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