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.
Motilal Oswal Report
Indian steel spreads have risen approximately 25% in Q3 FY21 and are at a three-year high.
We expect spreads to stay strong on the back of a domestic demand recovery and higher regional prices.
The improvement in Ebitda/tonne should be even higher on an improving sales mix (lower exports and higher -added sales).
We raise our coverage Ebitda estimates by 3-12%/5-13% for FY21E/FY22E to factor in higher spreads.
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