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IDBI Capital Report
JSW Steel Ltd. reported highest ever Ebitda (in line with our estimate) of Rs 104 billion (+1.4x YoY) in Q2FY22.
The key positives were:
Share of value added products remained high at 60% (61% in Q1FY22, 51% in Q2FY21) driven by increased domestic sales to automotive, solar and appliance segments;
There was higher usage of captive iron ore (50% self-sufficiency). JSW Steel's net debt remained flat QoQ at Rs 554 billion.
We raise our FY23 realization and Ebitda estimates given rise in steel prices during October. We expect the prices to sustain.
We derive a target price of Rs 876 (earlier Rs 856) and maintain our 'Buy' rating on the stock.
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