Jindal Stainless Hisar - Q4FY21 First Cut - ICICI Direct

(CMP- Rs. 180; MCap- Rs. 4249 crore)

Jindal Stainless Hisar (JSHL) reported operationally steady set of numbers for Q4FY21, wherein reported EBITDA and PAT came in higher than our estimates.

Q4FY21 Earnings Summary

For the quarter, JSHL's standalone operations reported sales volume of 182474 tonnes, up 23% YoY, marginally lower than our expectation of 190000 tonnes. Standalone operations EBITDA/tonne came in at Rs. 19952/tonne, as compared to Rs. 18335/tonne in Q3FY21 and Rs. 11668/tonne in Q4FY20 (higher than our estimate of Rs. 18500/tonne)

Standalone operations reported topline of Rs. 2758 crore (up 36% YoY), while standalone EBITDA stood at Rs. 364 crore (up 110% YoY). Ensuing PAT of standalone operations stood at Rs. 226 crore, up 141% YoY

Consolidated topline for the quarter stood at Rs. 3103 crore (up 38% YoY), lower than our estimate of Rs. 3202 crore. Topline came in below our estimate on the back of lower than expected sales volume. For Q4FY21, JSHL reported consolidated EBITDA of Rs. 406 crore, up 123% YoY, higher than our estimate of Rs. 392 crore

Consolidated operations EBITDA margin stood at 13.1% (up 500 bps YoY), higher than our estimate of 12.2%. The ensuing consolidated PAT for Q4FY21 stood at Rs. 350 crore, up 233% YoY (higher than our estimate of Rs. 276 crore)

We would be coming out with a detailed report soon post the conference call.

Shares of Jindal Stainless (Hisar) Ltd was last trading in BSE at Rs.180.1 as compared to the previous close of Rs. 185.1. The total number of shares traded during the day was 85944 in over 1372 trades.

The stock hit an intraday high of Rs. 190 and intraday low of 179. The net turnover during the day was Rs. 15795928.

Source : Equity Bulls

Keywords