Q2FY22 Result Update - JSW Steel - ICICI Direct

JSW Steel reported a steady performance in Q2FY22.

• For Q2FY22, JSW Steel reported a consolidated topline of Rs. 32503 crore, up 69% YoY, 12% QoQ, broadly in line with our estimate of Rs. 31350 crore
• Standalone EBITDA/tonne for Q2FY22 was at Rs. 22884/tonne, marginally lower than our estimate of Rs. 25000/tonne. The marginal miss standalone operations EBITDA/tonne was compensated by healthy performance by subsidiaries. Hence, ensuing consolidated EBITDA for the quarter was at Rs. 10417 crore, broadly in line with our estimate of Rs. 10340 crore
• Consolidated other income came in at Rs. 946 crore, higher than our estimate of Rs. 150 crore. Other income included Rs. 702 crore recognition of fair valuation gain on re-measurement of optionally fully convertible debentures held by the company in one of the joint ventures. The ensuing consolidated net profit was at Rs. 7179 crore, higher than our estimate of Rs. 6334 crore

Key triggers for future price performance

• Recently commissioned 5 MTPA expansion at Dolvi (Phase 2 expansion) has commenced integrated steel operations and ramp-up is under way
• Healthy share of value added and special products (VASP) augurs well. During Q2FY22, VASP share was at 60% (61% in Q1FY22)

For details, click on the link below: Link to the report

Shares of JSW Steel Limited was last trading in BSE at Rs. 667.90 as compared to the previous close of Rs. 673.45. The total number of shares traded during the day was 321457 in over 7622 trades.

The stock hit an intraday high of Rs. 690.45 and intraday low of 658.30. The net turnover during the day was Rs. 215286456.00.

Source : Equity Bulls

Keywords

JSWSteel INE019A01038 IronandSteel Q2FY22 ResultUpdate ICICIDirect