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Centrum Broking Report
Jindal Steel and Power Ltd. reported better‐than‐expected consolidated adjusted Ebitda of ~Rs 29.9 billion (our estimate: Rs 20.6 billion), down 11% QoQ and adjusted Ebitda/tonne of Rs 17,200 (our estimate: Rs 12,778), up ~Rs 997/tonne QoQ due to higher realisation.
The average increase in derived steel realisation (up Rs 7,348/tonne QoQ) is higher than market price change which could be due to subdued Q4 realisaiton (up Rs ~800/tonne QoQ despite average rebar price up by Rs 4,900/tonne QoQ in Q4 FY22).
We believe that high priced contracts of March 2022 could have materialised in April 2022 resulting in sharp increase during the quarter.
Higher realisation helped to offset lower volumes and higher cost amid increase in coking coal and thermal coal prices, resulting in increase of adjusted Ebitda/tonne by 6% QoQ to Rs 17,200/tonne.
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