JSW Steel Q1 Review - Product Mix Improves; Captive Iron Ore Usage Up: IDBI Capital
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IDBI Capital Report
JSW Steel Ltd. reported highest ever Ebitda (beat to our estimate) of Rs 102 billion (up 6.7 times y-o-y) in Q1 FY22.
Improvement in product mix and increase in usage of captive iron ore led to Ebitda beat.
JSW Steel’s domestic automotive sales increased by five times y-o-y, while India’s automotive production grew by three times y-o-y in Q1 FY22.
Overall, its sales volumes were higher by 29% y-o-y to 3.6 million tonnes but fell 11% q-o-q as second wave of Covid-19 affected demand.
The company aims to increase its steel capacity to 30 million tonnes per annum by FY25 from 18 million tonnes per annum currently.
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