JSW Steel Q4 Results Review - Operating Performance Inline; Outlook Bright: Motilal Oswal

Motilal Oswal Report

JSW Steel Ltd. posted a consolidated revenue of Rs 463 billion (-2% YoY/ +10% QoQ; in line) in Q4 FY24. Average selling price stood at Rs 68,750/tonne (-4% YoY/-2% QoQ) versus our estiamte of Rs 67,507/tonne.

Ebitda came largely in-line with our estimate at Rs 61 billion (-23% YoY/-15% QoQ). Ebitda/tonne was Rs 9,100 in Q4 FY24, which declined Rs 3,058 YoY and Rs 2,867 QoQ.

Management expects to reach a normalized Ebitda of Rs 12,000/tonne in the coming quarter.

Adjusted profit after tax stood at Rs 13 billion (-65% YoY/-43% QoQ), which was 15% below our estimates of Rs 15 billion. This was due to higher tax outgo during the quarter.

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