Jindal Steel & Power - 1QFY21 results - Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd

"JSPL reported a better than expected set of numbers for Q1FY21. Consolidated revenues for the quarter was down by 6.7 YoY to Rs.9,279 crore. EBIDTA for the quarter was up by 9.7% YoY to Rs.2,384 crore while EBIDTA margins expanded by 383bps to 25.7% due to company's access to low cost raw materials. Net profit for the quarter stood at Rs.268 crore as compared to a net loss of Rs.87 crore in Q1FY20. The company was able to deliver a robust set of numbers during the quarter led by higher volumes as consolidated steel production increased by 4% to 2.03mn tonnes while sales were up by 8.0% YoY to 2.07mn tonnes. During the quarter JSPL clocked exports of 0.9mn tonnes. Post the better than expected set of numbers for Q1FY21 we expect a rerating for the stock."

Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs.173.3 as compared to the previous close of Rs. 178.7. The total number of shares traded during the day was 2554194 in over 15469 trades.

The stock hit an intraday high of Rs. 181.25 and intraday low of 168.75. The net turnover during the day was Rs. 452390895.

Source : Equity Bulls

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