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JSW Steel - Q3FY21 First Cut - ICICI Direct

Posted On: 2021-01-22 22:51:54 (Time Zone: Arizona, USA)


(CMP- Rs. 376, Market Cap- Rs. 90791 crore)

JSW Steel reported healthy set of performance for Q3FY21, wherein topline, EBITDA and PAT came in higher than our estimate.

Q3FY21 Earnings Summary

On a standalone basis, the company reported sales volume of 3.9 million tonnes (MT) (down 3% YoY, 5% YoY), broadly in line with our estimate of 4.0 MT. Of this domestic sales volume stood at 3.48 MT, higher by 16% QoQ and 13% YoY. During the quarter, the company calibrated its export volumes to 12% of the total sales at 0.47 MT, in order to service the Indian market. Standalone EBITDA/tonne came in at Rs. 14444/tonne, higher than our estimate of Rs. 13000/tonne (Rs. 10136/tonne in Q2FY21 and Rs. 5598/tonne in Q3FY20).

During the quarter under review, JSW Steel achieved its highest ever quarterly domestic volume of sales of flat products, propelled by strong demand of coated products. The proportion of higher margin value-added steel and special steel sales increased from 51% in Q2FY21 to 57% in Q3FY21. This also aided blended realisations during the quarter.

Consolidated topline came in at Rs. 21859 crore (up 13% QoQ, 21% YoY), higher than our estimate of Rs. 20857 crore.

Consolidated EBITDA came in at Rs. 5946 crore (up 143% YoY and 35% QoQ), higher than our estimate of 5269 crores. Consolidated EBITDA margin came in at 27.2% as compared to 13.6% in Q3FY20 and 22.9% in Q2FY21 (our estimate of 25.3%).

Ensuing Consolidated PAT stood at Rs. 2669 crore as compared to our estimate of Rs. 2441 crore (Consolidated PAT of Rs. 1595 crore in Q2FY21 and Rs. 187 crore in Q3FY20).

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

Shares of JSW STEEL LTD. was last trading in BSE at Rs.375.6 as compared to the previous close of Rs. 392.75. The total number of shares traded during the day was 330849 in over 3990 trades.

The stock hit an intraday high of Rs. 397.25 and intraday low of 372.5. The net turnover during the day was Rs. 127118463.


Source: Equity Bulls

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