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ICICI Direct Report
For Q3 FY23E, on a QoQ basis, steel companies are likely to report a sequential increase in Ebitda/tonne to the tune of ~Rs 2500-Rs 3500/tonne, primarily aided by lower coking coal consumption costs.
While on a QoQ basis for the quarter blended steel realisations are expected to decline by ~Rs 1000 to Rs 2000/tonne, the sequential improvement in Ebitda/tonne was primarily on account of lower coking coal consumption costs, which is expected to decline by ~$70-80/tonne in Q3 FY23E compared to Q2 FY23.
For Q3 FY23E, Ebitda/tonne of Tata Steel Ltd. (standalone operations) is expected to come in at Rs 12500/tonne (Rs 10177/tonne in Q2 FY23).
For Q3 FY23E, standalone operations of JSW Steel Ltd. are likely to post an Ebitda/tonne of Rs 7000/tonne (Rs 3477/tonne in Q2 FY23). Steel Authority of India Ltd.'s Ebitda/tonne for Q3 FY23E is likely to come in at Rs 4250/tonne (Rs 1740/tonne in Q2 FY23).
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