JTL Industries Review - Weak Q4 Inline With Expectations; Next Leg Of Capex To Drive Growth: Axis Securities

Axis Securities Report

In line with our expectations, JTL Industries Ltd. reported a weak set of Q4 FY24 numbers due to a sluggish demand environment ahead of the general elections.

Revenue de-grew by 1%/18% YoY/QoQ to Rs 466 crore, a 3% beat versus our estimate, led by higher average selling price. Ebitda de-grew by 30%/14% YoY/QoQ to Rs 37 crore, (4% ahead of our estimate).

Ebitda/tonne fell by 32% YoY (4% ahead of our estimate) to Rs 4,485/tonne. Ebitda/tonne recovered QoQ by 6% as value added product shares recovered to 24% in Q4 FY24 from 20% in Q3 FY24.

JTL Industries' PAT de-grew by 19%/2% YoY/QoQ, 26% ahead of our estimates. The beat against our estimate was led by higher other income and lower finance costs, depreciation and amortisation, and tax rates.

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