- 24 Jan 2022
- ICICIdirect Research
JSW Steel reports mixed performanceJSWSTEEL - 696 Change: -8.30 (-1.18 %)
News: During the quarter, JSW Steel’s consolidated operating income stood at Rs.38071 crore (up 74% YoY, 17% QoQ). JSW Steel’s consolidated EBITDA stood at Rs.9132 crore (up 54% YoY, however down 12% QoQ), broadly in line with our estimate of Rs.9270 crore. Ensuing consolidated PAT for Q3FY21 stood at Rs.4516 crore (up 69% YoY, however down 37% QoQ), lower than our estimate of Rs.5440 crores.
Views: JSW Steel reported mixed set of numbers for Q3FY22, wherein consolidated EBITDA came in line with our estimate, however consolidated PAT came in below our estimates. JSW Steel’s, standalone EBITDA/tonne stood at Rs.16993/tonne, which came in lower than our estimate of Rs.18000/tonne (Rs.22884/tonne in Q2FY22 and Rs.14444/tonne in Q3FY21). JSW Steel’s standalone operations EBITDA/tonne came in lower than our estimate on the back of higher coking coal costs and provision done to the tune of |1056 crore on account of revision in Indian Bureau of Mines (IBM) iron ore prices.