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.
Systematix Research Report
JSW Steel Ltd.’s Q4 FY21 conslidated Ebitda of Rs 84.4 billion (up 184% YoY, up 42.4% QoQ) was 9% above our estimates, largely driven by a sharp 35% YoY ( $201/tonne) and 18% QoQ ($117/tonne) surge in realisations.
Raw material costs increased 12% YoY ($52/tonne) and 10% QoQ ($ 45/tonne) QoQ.
As a result, Ebitda margins surged to $269/tonne (highest since Q2 FY09).
We expect the strong earnings momentum to flow through in H1 FY22 aided by-
- higher steel prices
- increased near-term focus on exports and
- better performance at international subsidiaries.
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