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ICICI Securities Report
Jindal Stainless Ltd. reported an in-line Q4 FY22 Ebitda, with Ebitda/tonne marginally down 3% QoQ to Rs 31,266/tonne.
FY22 consolidated Ebitda (Jindal Stainless) at ~Rs 29.8 billion, with combined volumes of 1.01 million tonne (up 23% YoY), was up ~110% YoY.
Increasing raw material prices (nickel and ferrochrome up ~52/121% YoY) continue to help inventory valuations and consequently Ebitda.
Net debt [excluding integrated container depot from Jindal Stainless Hissar Ltd.] has reduced ~2 billion QoQ to ~Rs 15.5 billion – build up in working capital didn't allow much deleveraging in H2 FY22.
Jindal Stainless' petition for merger with Jindal Stainless Hissar is pending before National Company Law Tribunal, Chandigarh for approval.
All brownfield expansion projects announced in Q1 FY22 are on track.
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