Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Research

| More

Q3FY21 Result Update - JSW Steel - ICICI Direct

Posted On: 2021-01-27 09:00:57 (Time Zone: Arizona, USA)


JSW Steel reported a healthy set of Q3FY21 numbers wherein topline, EBITDA and PAT came in higher than our estimate. 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. Standalone EBITDA/tonne came in at Rs. 14444/tonne, higher than our estimate of Rs. 13000/tonne (Rs. 10136/tonne in Q2FY21, Rs. 5598/tonne in Q3FY20). 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, 35% QoQ), higher than our estimate of Rs. 5269 crore. Consolidated EBITDA margin came in at 27.2% vs. 13.6% in Q3FY20 and 22.9% in Q2FY21 (our estimate of 25.3%). Ensuing consolidated PAT was at Rs. 2669 crore against our estimate of Rs. 2441 crore (consolidated PAT of Rs. 1595 crore in Q2FY21 and Rs. 187 crore in Q3FY20).

Valuation & Outlook

JSW Steel's expansion project at Dolvi from 5 million tonnes per annum (MTPA) to 10 MTPA steelmaking capacity is nearing completion, with majority of operations to be commissioned in Q4FY21. Full integrated operations and stabilisation will take place in Q1FY22. This is expected to lead to volume growth in FY22 and beyond. We introduce FY23E estimates and roll over our valuations to FY23E. We model sales volume of 15 MT in FY21E, 18 MT in FY22E and 20 MT in FY23E. We value the stock at 6x FY23E EV/EBITDA and arrive at a target price of Rs. 400, maintaining our HOLD recommendation on the stock (earlier target price of Rs. 330).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_JSWSteel_Q3FY21.pdf

Shares of JSW STEEL LTD. was last trading in BSE at Rs.376.4 as compared to the previous close of Rs. 382.35. The total number of shares traded during the day was 356344 in over 4478 trades.

The stock hit an intraday high of Rs. 383.4 and intraday low of 371.65. The net turnover during the day was Rs. 134705453.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.





Other Headlines:

4th Industrial Conclave - Bullish undertone, favourable valuation - HDFC Securities

Sanofi India - Weak quarter; sequential improvement - ICICI Securities

Sunteck Realty - All eyes on upcoming launches - ICICI Securities

Company Update - Tata Motors - ICICI Direct

Q4CY20 Company Update - Mahindra CIE Automotive - ICICI Direct

Event Update - Hindalco - ICICI Direct

EY report launch at BioAsia 2021 - Moving the needle: Healthcare industry in a post-COVID world

Initiating Coverage - Dalmia Bharat Ltd - HDFC Securities Retail Research Desk

Initiating Coverage - Mastek Ltd - HDFC Securities Retail Research Desk

Hindalco Industries - Status quo maintained - ICICI Securities

Tata Motors - India business scaling in the right direction - ICICI Securities

IPO Review - Heranba Industries Ltd

Company Update - Narayana Hrudayalaya - ICICI Direct

Ambuja Cements - Market share sustenance key for rerating - ICICI Securities

ADD on Astral Poly Technik - An 'astr'onomical growth story - HDFC Securities

FMCG Sector Update Report - Divergence narrows; refocus on core - HDFC Securities

Maintain REDUCE on Jubilant FoodWorks - More legs for growth; reflecting confidence on core - HDFC Securities

Torrent Power - Growth acceleration - ICICI Securities

Mahindra CIE Automotive - CY20 performance closes on a strong note - ICICI Securities

Q3FY21 Company Update - V-Guard Industries - ICICI Direct

Quant Pick - Indus Towers - ICICI Direct

Q4CY20 Result Update - Ambuja Cement - ICICI Direct

Q3FY21 Company Update - Nesco Ltd - ICICI Direct

Maintain BUY on Ambuja Cements - Healthy quarter; multiple triggers ahead - HDFC Securities

Heranba Industries Ltd. - IPO - Sound Financials & Promising Outlook Augur Well

India Equity Strategy Report - Quarterly flipbook: Q3 - upgrades galore! - HDFC Securities

Earnings Wrap Q3FY21: Encouraging quarter, broad based recovery under way!

Shilpa Medicare - USFDA import alert at Jadcherla unit - ICICI Securities

Q3FY21 Company Update - Indian Bank - ICICI Direct

Quant Pick - Torrent Power - ICICI Direct

GE T&D India - Strong cashflow - ICICI Securities

Q3FY21 Result Update - Graphite India - ICICI Direct

Q4CY2020 Result Update - Varun Beverages - ICICI Direct

Q3FY21 Company Update - NBCC Ltd - ICICI Direct

Quant Pick - United Breweries - ICICI Direct

Q4CY2020 Result Update - Nestlé India - ICICI Direct

Q3FY21 Result Update - Time Technoplast - ICICI Direct

Healthy Business Performance Puts ITC Stock Recovery on Track

Gold - Feb 17, 2021 - Reliance Securities

Maintain REDUCE on Nestle India - Steady revenue show; employee cost dents margins - HDFC Securities

Varun Beverages - Q4 CY20 Result and Concall Update - YES Securities

Nestle India - Q4 CY20 Result Update - YES Securities

Reiterate BUY on JMC Projects - Some hits, some misses - HDFC Securities

Varun Beverages - Strong volumes; higher margins - ICICI Securities

Computer Age Management Services - Play on industry AUM growth - ICICI Securities

Nestle India - Just a tad underwhelming (given the high benchmarks expected from Nestle India) - ICICI Securities

NHPC - Earnings robust; projects on track - ICICI Securities

Maintain BUY on ITD Cementation - Gradual recovery shaping up - HDFC Securities

Techno Electric & Engineering - Strong margins, healthy growth outlook - ICICI Securities

Time Technoplast - Outlook upbeat; execution remains key - ICICI Securities



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020