- 03 Nov 2022
- ICICIdirect Research
JINDAL STAINLESS REPORTS MIXED BAG PERFORMANCE IN Q2FY23
JSL - 745 Change: -1.25 (-0.17 %)News:
For Q2FY23, Jindal Stainless (JSL) reported consolidated topline of Rs 5605 crore, up 11% and 2% QoQ, (our estimate of Rs 5214 crore). For Q2FY23, JSL reported consolidated EBITDA of Rs 358 crore, down 52% YoY and 35% QoQ, (our estimate of Rs 411 crore). Consolidated EBITDA came in lower than our estimate on the back of EBITDA losses from subsidiaries. Due to lower than expected consolidated EBITDA, consolidated PAT also came in lower than our estimate. Ensuing consolidated PAT for the quarter was at Rs 152 crore (down 63% YoY, 54% QoQ), lower than our estimate of Rs 200 crore
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Jindal Stainless (JSL) reported a mixed bag performance for Q2FY23, wherein standalone EBITDA came in higher than our estimate. However, on the back of EBITDA losses from subsidiaries, consolidated EBITDA and consolidated PAT came in lower than our estimate. For the quarter, JSL’s standalone operations reported sales volume of 270360 tonnes, up 5% YoY and 15% QoQ, marginally higher than our estimate of 257500 tonnes. Standalone operations reported topline of Rs 5442 crore (up 13% YoY and 2% QoQ), while standalone EBITDA for the quarter stood at Rs 411 crore (down 42% YoY and 21% QoQ), marginally higher than our estimate of Rs 386 crore. Standalone operations EBITDA/tonne came in at Rs 15208/tonne, compared to Rs27685/tonne in Q2FY22 and Rs22216/tonne in Q1FY23, broadly in line with our estimate of Rs 15000/tonne
Impact:
Neutral