BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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;
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.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.