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Motilal Oswal Report
JSW Steel Ltd.’s Q1 FY21 results reflect the adverse impact of Covid-19 on steel demand and prices as consolidated Ebitda was down 64% YoY (up 55% QoQ) to Rs 13.4 billion (versus estimate Rs 13.0 billion) on lower volumes and realisations.
It reported loss of Rs 5.6 billion (versus profit of Rs 10.4 billion in Q4 FY20 and estimate loss of Rs 5.3 billion).
Standalone business suffered from weak domestic sales (down 58% YoY), forcing higher exports (up 133% YoY). Overall volumes still declined 25% YoY to 2.8 million tonne (versus estimate 2.6 million tonne).
Realisation declined 11% QoQ to Rs 36,892 per tonne (versus estimate Rs 36,789 per tonne) due to weaker mix on account of higher exports (57% volumes versus 13% in Q4 FY20) and adverse product mix (weaker auto demand, etc.).
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