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Prabhudas Lilladher Report
Jindal Steel and Power Ltd. posted Q4 FY21 Ebitda above our/consensus estimates by 6%/5% on back of higher margins in steel business.
Domestic operation’s Ebitda beat our estimates by 3% at Rs 48.8 billion (our estimate: Rs 47.0 billion), up 25% QoQ.
The company reduced net debt by 40%/Rs 186 billion over last five years through organic free cash flow generation.
Resultantly, current net debt/Ebitda fell to two times on normalised earnings assumed in FY23E with Ebitda margins at Rs 12,000/tonne.
Company announced capex of Rs 180 billion on expanding capacity by six million tonne through brownfield route.
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