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Centrum Broking Report
In Q4 FY22, ferrous companies (except Tata Steel Ltd. and Jindal Steel and Power Ltd.) reported higher Ebitda (though Ebitda/tonne was lower except Steel Authority of India Ltd.) QoQ, on account of higher volumes which was largely offset by increase in coal prices and flat to lower steel prices while non-ferrous companies benefitted from increases in London Metal Exchange prices partially offset by higher operational cost and resulted further improvement in Ebitda QoQ.
We observe that fall in inventory levels released working capital which helped in further debt reduction.
In mining, NMDC Ltd.'s earnings (below estimate) were hit by lower iron ore prices, 22.5% additional premium and certain one-offs while Coal India Ltd.'s earnings (better than expected) increased owing to higher prices and lower than expected employee expenses.
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