JSW Steel Ltd strongly beat estimates for Q4FY18 across revenue and earnings front by reporting strong growth. Revenue grew by 16.2% yoy to Rs20,817cr (expectation Rs19,760cr). EBITDA stood at Rs5,290cr, up 67.2% yoy against estimates of Rs4,419cr. EBIDTA margin rose by 775bps yoy to 25.4%. Net Profit stood at Rs2,879cr against an estimate of Rs1,792cr, an increase of 189% yoy.
Standalone steel sales rose to 4.22mn tonnes, up 7% yoy. This growth was supported by strong sales growth for Rolled Long products, which were up by 33% yoy.
Production and sales for JSW Steel Coated Products stood at 0.48mn tonnes and 0.47mn tonnes respectively. Revenue and EBITDA for the quarter stood at Rs3,043cr and Rs202cr respectively. Margins for coated products was impacted by higher raw material prices.
Production for the US based plate and pipe mill stood at 71,015 tonnes of plates and 12,142 tonnes of pipes for Q4FY18. EBITDA stood at $3.25mn for the quarter.
Net Debt-to-equity at consolidated level stood at 1.38x in Q4FY18 against 1.68x in Q3FY18.
Net Debt-to-EBITDA at consolidated level stood at 2.57x in Q4FY18 against 3.32x in Q3FY18.
The company sees capacity expanding from 18mtpa to 24.7mtpa by the end of FY20.
JSW Steel Ltd ended at Rs. 336.65, up by 2.9 points or 0.87% from its previous closing of Rs. 333.75 on the BSE.
The scrip opened at Rs. 334.65 and touched a high and low of Rs. 339.20 and Rs. 330.40 respectively. A total of 54,72,783 (NSE+BSE) shares were traded on the counter. The stock traded below its 50 DMA.
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