Jindal Steel & Power Q3 Results Review - Strong Operating Performance: Prabhudas Lilladher

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.Jindal steel & Power Ltd.'s reported strong operating performance in Q3, despite weak volume growth (-5% YoY) in standalone business. Ebitda was better than our estimates, given strong realization and operating performance from overseas mining subsidiaries which aided margins.Average Q3 coking coal cost increased by ~$32/tonne QoQ to $281/tonne which is expected to rise further by ~$15/tonne in Q4. We believe with improving product mix and expected volume growth, Jindal steel & Power is better placed amongst peers.JSPL is well poised to take dual benefit of volume growth and improvement in product mix over FY23-26E. Incremental volumes from pellet plant, conversion of semis at hot strip mill and cost savings from captive coal mines would contribute to Ebitda margins.We expect revenue/Ebitda/profit after tax compound annual growth rate of 8%/13%/26% over FY23- 26E. At current market price, the stock is trading at 6.9 times /5.7 times enterprise value of FY25E/FY26E Ebitda.Maintain ‘Buy’ rating with revised target price of Rs 842 (earlier Rs 826) valuing at six times enterprise value of March 26E Ebitda..Click on the attachment to read the full report:.Sun Pharma Q3 Results Review - Specialty Portfolio Momentum Continues To Surprise: Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Jindal Steel & Power Q3 Results Review - Strong Operating Performance: Prabhudas Lilladher

Strong Ebitda margins aided by pricing and mining subsidiaries.

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