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Prabhudas Lilladher Report
Jindal steel and Power Ltd.'s Q3 FY21 Ebitda beat our/consensus estimates by 5%/25% on the back of strong margins.
We expect margins to further improve by Rs 2,500/tonne QoQ, led by higher prices and stable costs.
The company reduced net debt by 33%/Rs 151 billion over last five years through organic route.
Trajectory would sustain at Rs 30 billion per year for next couple of years on back of stable earnings in both steel and Jindal Power Ltd. and judicious spend on capex.
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