JSW Steel Standing tall in turbulent times :Emkay

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JSW Steel

Standing tall in turbulent times

UNDER REVIEW

CMP: Rs 580                                       Target Price: NA

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n     Standalone topline at Rs 76,321 mn, up 32% YoY and 8% QoQ was sharply higher than estimates on strong realizations of Rs 42,831/tonne

n     EBITDA at Rs 12,961 mn, up 31% YoY but down 7% QoQ. EBITDA/ tonne remained Rs 6,887 (US$150). Iron ore cost rose by 14% QoQ increasing costs

n     APAT at Rs 6,407 mn, up 44% YoY and 11% QoQ without the unrealized forex loss of Rs 5,130 mn during the quarter due to INR depreciation

n     Crude steel production at 1.738 mt and sales at 1.882 mt due to release of inventory; Cost of production rose by Rs 1,500/ tonne due to higher procurement cost of iron ore