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Metals & Mining
Steel: JSW and JSPL will report strong 50% and 28% YoY profit growth in 1Q
driven by higher volumes in case of JSW and both higher volumes and
margins in case of JSPL. Tata Steel and SAIL are likely to report a YoY drop in
net profit. Tata Steel should see margins improve QoQ in both India and
Corus as the full effect of higher steel prices comes through. We expect an
EBITDA/t of US$85 for Corus in 1Q.
Base Metals: Both Sterlite and Hindalco will report strong profit growth in 1Q
but Sterlite’s profit growth at 56% will be stronger than Hindalco at 17%.
Accretion from Anglo Zinc and Sterlite Energy will boost Sterlite’s 1Q results.
Hindalco should see a QoQ rise in aluminium costs due to the Feb-11 coal
price hike.
Mining: Coal India will report a strong 45% YoY growth in net profit and will
see strong margin expansion thanks to the price hike taken in Feb. Sesa’s net
profit will decline 20% YoY and will be impacted by the hike in export duty in
the recent budget.
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