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IDBI Capital Report
Jindal Steel and Power Ltd.'s Q3 FY23 profitability was below our forecast. Its sales volumes fell by 5% QoQ to 1.9 million tonnes due to lack of availability of rail rakes which resulted in lower dispatches.
Nevertheless, Ebitda increased by 23% QoQ to Rs 23 billion mainly due to fall in prices of key inputs (thermal coal) amidst stable steel prices.
JSPL's net debt increased marginally by Rs 0.3 billion QoQ to Rs 70 billion. Mozambique operations Ebitda fell to $5 million in Q3 FY23 (down 64% QoQ), driven by fall in coking coal prices and lower sales volume of thermal coal.
We introduce FY25 forecasts in this report and lower our FY23 Ebitda forecast by 10% but broadly maintained our FY24 estimates.
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