Jindal Stainless Q3 Results Review - Strong Domestic Demand Drives Volumes: Systematix
Jindal Stainless' reported Q3 FY23 consolidated revenue of Rs 106.3 billion and Ebitda of Rs 9.9 billion.
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Systematix Research Report
Jindal Stainless Ltd.'s reported Q3 FY23 consolidated revenue of Rs 106.3 billion (up 8% YoY, up 12% QoQ) and Ebitda of Rs 9.9 billion (down 28% YoY, up 35% QoQ).
Total expenses during the quarter rose by 14%/10% YoY/QoQ, as Nickel prices averaged at $25,292/tonne (up 28% YoY, up 15% QoQ) and Ferrochrome at Rs 100,558/tonne (down 15% YoY, up 4% QoQ).
Net sales realisation averaged at Rs 210,754/tonne, falling 8% YoY and flat QoQ. Despite higher costs, Jindal Stainless reported Ebitda/tonne of Rs 19,599 (down 38% YoY, up 21% QoQ), as the impact of lower exports was partially offset by strong domestic demand.
Sales volume at Jindal Stainless and Jindal Stainless Hisar Ltd. came at 330 thousand tonne (up 33% YoY, up 22% QoQ) and 178 thousand tonne (down 5% YoY, down 5% QoQ), respectively. Net debt during the quarter increased by Rs 0.8 billion to Rs 38.6 billion (Rs 37.8 billion in Q2 FY23).
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