Metals, Mining Q4 Results Review: Positive Surprise For Most Companies: ICICI Securities

"BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Q4 FY23 saw profitability improving across companies mainly led by higher realisation and lower cost. Key highlights:Realisation for ferrous companies rose by Rs 1,500- 2,000/tonne on average;coking coal cost was down by $8-10/tonne for all ferrous companies except Steel Authority of India Ltd.;lower thermal coal cost aided profitability improvement for non-ferrous companies;muted volume growth YoY (except JSW Steel Ltd.); anddebt reduction for companies. Going ahead, we believe volume for ferrous companies is likely to be subdued as both domestic demand and export opportunities remain subdued. On realisation front, there could be some benefit owing to contract prices, though spot prices are likely to stay flat. In case of non-ferrous companies, adverse impact of lower London Metal Exchange prices may be partially offset by lower coal cost. Post Q4 earnings, street has raised Ebitda estimates of Jindal Stainless Ltd. and National Aluminium Company Ltd., but lowered them for SAIL and Jindal Steel and Power Ltd..Click on the attachment to read the full report:.Banking Q4 Results Review - Robust Quarter; Public Sector Lenders Report Record Earnings: ICICI Direct.DISCLAIMERThis report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Metals, Mining Q4 Results Review: Positive Surprise For Most Companies: ICICI Securities

We believe ferrous space is better placed compared to non-ferrous space mainly due to the developments in China.

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Metals, Mining Q4 Results Review: Positive Surprise For Most Companies: ICICI Securities

We believe ferrous space is better placed compared to non-ferrous space mainly due to the developments in China.

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