JSW Steel - Q4FY21 First Cut - ICICI Direct

(CMP - Rs. 698; MCap - Rs. 168674 crore)

JSW Steel reported operationally steady set of numbers for Q4FY21, wherein topline and EBITDA came in higher than our estimate, while PAT came in line with our estimates.

Q4FY21 Earnings Summary

For Q4FY21, on a standalone basis JSW Steel reported sales volume of 4.06 MT (up 10% YoY), marginally higher than our estimate of 4.0 MT. Standalone EBITDA/tonne came in at Rs. 19756/tonne, broadly in line with our estimate of Rs. 19000/tonne (Rs. 14444/tonne in Q3FY21 and Rs. 8703/tonne in Q4FY20)

Consolidated topline for Q4FY21 stood at Rs. 26934 crore, up 51% YoY and 23% QoQ, higher than our estimate of Rs. 25365 crore

Consolidated EBITDA stood at Rs. 8440 crore, up 184% YoY and 42% QoQ, higher than our estimate of Rs. 8038 crore. Consolidated EBITDA margin stood at 31.3% in Q4FY21, as compared to 27.2% in Q3FY21 and 16.6% in Q4FY20 (our estimate of 31.7%)

The ensuing consolidated PAT stood at Rs. 4191 crore, up 57% QoQ , in line with our estimate of Rs. 4260 crore

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

Shares of JSW STEEL LTD. was last trading in BSE at Rs.697.8 as compared to the previous close of Rs. 694.3. The total number of shares traded during the day was 303944 in over 6543 trades.

The stock hit an intraday high of Rs. 706.4 and intraday low of 694.95. The net turnover during the day was Rs. 212680067.

Source : Equity Bulls

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