JSW Steel Q4 Review - Strong Operating Performance; Massive Expansion Ahead: IDBI Capital
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IDBI Capital Report
JSW Steel Ltd.’s Q4 FY21 Ebitda was a beat.
Ebitda jumped 184% YoY at Rs 84 billion mainly on sharp increase in realisation; sales volumes grew 11% YoY to 4 million tonne.
Despite cash outflows of Rs 150 billion during FY21 (related to Bhushan Power and Steel Ltd. acquisition and expansions), its consolidated net debt declined by Rs 8.6 billion in FY21.
We raise our FY22/FY23 realization and Ebitda estimates given sharp rise in steel prices during Q4 FY21 which we expect to sustain.
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