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ICICI Securities Report
Jindal Stainless Ltd.'s Q2 FY23 performance was ahead of street estimates. Key points:
sales volumes were up 5% YoY (14% QoQ) to an all-time high of 270.4 thousand tonne;
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blended realisation however was down 11% QoQ tracking international prices and higher hollow-ware sales in the domestic market;
proportion of exports dipped to an all-time low of 5% owing to levy of export duty;
capex has accelerated in line with guidance to complete the brownfield expansion underway.
Going ahead, we expect Jindal Stainless to reap advantages of both scale and scope owing to:
completion of the ongoing brownfield expansion,
merger of Jindal Stainless Hisar Ltd., and
acquisition of Jindal United Steel Ltd.
Despite likely debt escalation in the near term and our estimate of lower prices, we see the advantages of synergies from Jindal United Steel propelling standalone Ebitda to Rs 21,500/tonne by FY24E.
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