JSPL Q3 Review - Revenue Inline; Lower Input Cost Leads To Beat On Operational Profitability: Motilal Oswal

Motilal Oswal Report

Jindal Steel & Power Ltd.'s revenue in Q3 FY24 was down 6% YoY at Rs 117 billion, in line with our estimate of Rs 119 billion. Alloy steels plant for the quarter stood at 64,648/tonne (down 1% YoY), which was Rs 2,932/tonne higher than our estimate of Rs 61,716/tonne.

JSPL's production for Q3 FY24 stood at 1.9 mt and sales stood at 1.8 mt (down 6% and 5%, respectively). The figures are in line with our estimated production and sales of 1.9 mt each.

Ebitda was up 20% YoY to Rs 28 billion, which was 34% above our estimate of Rs 21 billion. The beat was driven by better-than-estimated net sales realisation and lower input cost as the benefits from captive thermal coalmine started materializing.

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