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ICICI Securities Report
Majority of the discussion in the Q2 FY22 results conference call of JSW Steel Ltd. revolved around quarterly increase in coking coal price to come through and the levers management has to counter the same.
Coking coal prices at U.S. $400/te has started the Ebitda correction cycle after 5 quarters of upcycle (starting from Q1 FY21).
We expect the cycle to play out over the next 4-5 quarters.
Q2 FY22 print (standalone) was inline at Ebitda (Ebitda/te at Rs22944/te was down Rs 3346/te quarter-on-quarter), while higher other income led to beat in PAT.
Overseas business as well as JSW Coated has witnessed significant traction in the quarter with ~Rs 17.4 billion of subsidiary Ebitda (vis-à-vis ~Rs 7 billion quarter-on-quarter) driving consolidated Ebitda beat.
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