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