JSW Steel Posts Strong Operating Q3 Performance, Valuations Fair: IDBI Capital
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IDBI Capital Report
JSW Steel Ltd.’s Q3 FY21 operating result was in line with our expectation. Its standalone Ebitda/tonne increased to Rs 14,444 (up 154% YoY, up 118% QoQ) led by higher steel prices, better product mix and inventory liquidation.
However, sales volumes declined 3.2% YoY to 3.9 million tonne as shortage of iron ore persisted.
Consolidated net debt remained flat QoQ at Rs 518 billion. We raise our FY21 realisation and Ebitda estimates given sharp rise in steel prices during December which we expect to sustain.
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