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IDBI Capital Report
JSW Steel Ltd.’s Q3 FY23 profitability was below our expectation due to higher than expected mining and royalty expenses. Consolidated sales stood at 5.63 million tonnes, higher by 41% YoY.
JSW Steel's Ebitda jumped 159% QoQ led by fall in coking coal price and lower other expenses. Net profit stood at Rs 4.7 billion as compared to adjusted net loss of Rs 3 billion in Q2 FY23. Net debt increased by Rs 37 billion QoQ to Rs 694 billion.
We cut our FY23 Ebitda estimate by 27% to factor weaker than expected Q3 FY23 profitability. Nevertheless, we broadly maintain our FY24 estimates and introduce FY25 forecasts in this report.
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