Jindal Steel & Power - Q3 FY13 Update - IIFL

- Standalone revenue of Rs38.2bn was higher than our estimate on the back of strong steel volumes

- JSPL managed to register a strong growth of 24.1% yoy and 14.7% qoq in steel volumes to 0.73mn tons

- Standalone power production volumes improved marginally qoq

- Operating profit of Rs12.8bn was marginally higher than our estimate due to jump in volumes

- JPL's power production declined sharply due to problems related to evacuation by the grid

- Earnings to take centre stage; Maintain BUY with a revised 9-month price target of Rs445.

Source : Equity Bulls

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