- 26 Jul 2022
- ICICIdirect Research
Jindal Stainless reports operationally inline performance for Q1FY23…JSL - 279 Change: -0.70 (-0.25 %)
News: For Q1FY23, Jindal Stainless (JSL) consolidated topline stood at Rs5474 crore, up 36% YoY, however down 17% QoQ, (our estimate of Rs5220 crore). For Q1FY23, JSL reported consolidated EBITDA of Rs549 crore, down 9% YoY and 35% QoQ, (our estimate of Rs554 crore). During the quarter, on a consolidated basis, JSL reported effective tax rate of 23% as compared to 33% in Q1FY23. Hence because of lower than expected effective tax rate, JSL’s consolidated PAT came in higher than our estimate. JSL’s ensuing consolidated PAT for Q1FY23 stood at Rs329 crore, up 8% YoY however down 56% QoQ, higher than our estimate of Rs275 crore.
Views: Jindal Stainless (JSL) reported steady performance for Q1FY23, wherein consolidated EBITDA came in broadly in line with our estimate. However, on the back of lower than expected effective tax rate, the ensuing consolidated PAT came in higher than our estimate. For the quarter, JSL’s standalone operations reported sales volume of 235530 tonnes, down 1% YoY and 12% QoQ, marginally below our estimate of 240000 tonnes. Standalone operations EBITDA/tonne came in at Rs22216/tonne, as compared to Rs24378/tonne in Q1FY22 and Rs28278/tonne in Q4FY22, marginally higher than our estimate of Rs21000/tonne.