JSW Steel Q4 Review - Results Above Estimates, To Pursue Aggressive Growth: Systematix
A bird flies above signage for the JSW Steel Ltd. manufacturing facility in Dolvi, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)

JSW Steel Q4 Review - Results Above Estimates, To Pursue Aggressive Growth: Systematix

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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-

  1. higher steel prices
  2. increased near-term focus on exports and
  3. better performance at international subsidiaries.

Click on the attachment to read the full report:

Systematix JSW Steel Q4FY21 Result Update.pdf


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