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Result Update: Jindal Stainless Hisar Ltd - BUY - TP Rs.318 - Kotak

Posted On: 2018-02-17 09:54:25

JSHL reported strong numbers backed by higher than expected volume and better realisation. Net sales during the quarter grew 22.7% YoY and 3.9% QoQ to Rs2.44 bn, driven by 8.3% YoY increase in volume to 189,018 tonnes and 25% increase in blended realisation. EBITDA came in at Rs325 mn, up 43.1% and 17.3% YoY and QoQ, respectively, with an EBITDA margin of 13.3%. JSHL reported PAT of Rs134mn. We believe that, implementation of CVD has started contributing to overall performance. On the back of strong 3QFY18 performance, we have revised our estimates higher for FY18E, FY9E and FY20E to Rs17.3 (earlier Rs14.5), Rs18.3 (earlier Rs16.9) and Rs19.2 (earlier Rs17.9), respectively. Going ahead, increasing share of Cold Rolled (CR) through debottlenecking in the overall product mix will help the EBITDA to grow at 15% CAGR and margin to remain in the range of 12.5-13% for the next 2 years. Besides these, an improvement in subsidiaries performance is also likely to be a potential growth driver. We continue to maintain our BUY rating, with an unchanged target price of Rs318.

Shares of Jindal Stainless (Hisar) Ltd was last trading in BSE at Rs.201.35 as compared to the previous close of Rs. 207.5. The total number of shares traded during the day was 71671 in over 966 trades.

The stock hit an intraday high of Rs. 213.45 and intraday low of 198.65. The net turnover during the day was Rs. 14657210.


Source: Equity Bulls

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