JSW Steel - Result Update - Nirmal Bang

- JSW Steel's 3QFY13 standalone results were in line with our expectations with EBITDA being 5% above our estimate

- PAT was 42% below our estimates due to forex loss of Rs 2,674mn and impairment of US plate mill to the tune of Rs 600mn.

- We have retained our earnings estimates as well as target price of Rs600 on the stock, but may revise our estimates after the release of consolidated results

Source : Equity Bulls

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