Fwd: JSW Steel Q2FY12 (Standalone) Result Update; Standing tall in turbulent times; Under Review

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Deepak Vaishnav

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Oct 29, 2011, 3:19:52 AM10/29/11
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JSW Steel

Standing tall in turbulent times

 

UNDER REVIEW

 

CMP: Rs 580                                       Target Price: NA

n     Standalone topline at Rs 76,321 mn, up 32% YoY and 8% QoQ was sharply higher than estimates on strong realizations of Rs 42,831/tonne

n     EBITDA at Rs 12,961 mn, up 31% YoY but down 7% QoQ. EBITDA/ tonne remained Rs 6,887 (US$150). Iron ore cost rose by 14% QoQ increasing costs

n     APAT at Rs 6,407 mn, up 44% YoY and 11% QoQ without the unrealized forex loss of Rs 5,130 mn during the quarter due to INR depreciation

n     Crude steel production at 1.738 mt and sales at 1.882 mt due to release of inventory; Cost of production rose by Rs 1,500/ tonne due to higher procurement cost of iron ore

 

Regards,

Goutam Chakraborty

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com| | Email : goutam.ch...@emkayglobal.com 

Board No. +91-22-66121212 | Extn. 275 | DID : 66121275 | Mob No. : +919867361765 |

 

Jagdish Agarwal

Senior Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : jagdish...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 381 | DID : 66121381 | Mob : +919820869499 |

 

 


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JSW Steel Q2FY12 Standalone Result Update.pdf
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