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IDBI Capital Report
Jindal Steel and Power Ltd.'s Q2 FY24 operating profit was broadly in line with our forecast. Its sales volumes increased by 9% QoQ to 2.01 million tonnes led by higher exports.
The export contributed 14% to the total volumes versus 10% in Q1 FY24. Ebitda was flat QoQ to Rs 99.6 billion even as value added products contributed 67% to sales (63% in Q1 FY24).
JSPL aims to maintain net debt/Ebitda of 1.5 times across cycles and continues to focus on improving its cost competitiveness. The company's Angul expansion remains on track.
We broadly maintain our FY24-25 estimates. Our revised SOTP-based target price (based on FY25 estimates) stands at Rs 664 (earlier Rs 671).
Given the anticipated weak economic conditions in the developed countries, we maintain our cautious stance on the steel sector.
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