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.
Prabhudas Lilladher Report
JSW Steel Ltd. reported Q2 FY22 EBITDA in-line with our and consensus estimates. Domestic steel margins were impacted due to lower realisations and higher costs. Lower earnings in standalone results were offset by better performance in subsidiaries.
Sentiments on Chinese demand turned negative across the major steel consuming sectors. The impact of lower demand has been equally negated by stringent curbs on production. Given the restricted supplies of Chinese steel in its domestic and exports markets, global steel prices are expected to remain elevated - further supported by all-time high coking coal prices.
As expected, margins were expected to soften due to unsustainable coking coal prices. Nevertheless, margins are significantly above historical averages by ~30% in spite of astronomical input prices.
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