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Motilal Oswal Report
JSW Steel Ltd.'s Q2 FY21 results were impressive as consolidated Ebitda grew 85% YoY to Rs 42.5 billion, beating our estimates by 24%.
The beat was led by lower costs, leading to standalone Ebitda/tonne of Rs 10,136 (our estimate Rs 8,754).
We expect Q3 FY21 margins to be even stronger as higher steel prices (hot-rolled coil price currently is Rs 4,000/tonne higher than Q2) and upward revision in fixed price contracts should lead to higher realization.
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