JSW Steel Ltd's Q1FY20 consolidated net profit declines 56.6% yoy to Rs1,028cr : Misses Estimates

The company’s consolidated revenue stood at Rs19,812cr, down 3.4% yoy and 11.4% qoq.

July 26, 2019 3:27 IST | India Infoline Research Team

JSW Steel Ltd Q1FY20

Consolidated Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 19,812 [3.4]
EBITDA 3,716 [27.2]
EBITDA Margin (%) 18.8 [612]
Net Profit (adjusted) 1,028 [56.6]
***EBITDA margin change is bps
JSW Steel Ltd reported numbers for Q1FY20 came in below consensus estimates. Revenue declined by 3.4% yoy to Rs 19,812cr against median consensus estimates of Rs 20,531cr). EBITDA stood at Rs3,716cr, down 27.2% yoy against estimates of Rs3,719cr. EBIDTA margin declined by 612bps yoy to 18.8%. Net profit stood at Rs1,028cr, a decline of 56.6% yoy, against an estimate of Rs1,094cr.
  • Standalone:
    • Net realizations declined by 5% yoy during the quarter.
    • Total saleable steel sales were 3.75mn tonnes, down 2% yoy. Volumes for long products were up 7% yoy, while flat products were down by 2% yoy.
    • Saleable steel volumes were down primarily due to weaker domestic demand environment and lack of credit availability.
    • Crude steel production reported was 4.24mn tonnes, which was higher by 3% yoy.
  • Net Debt-to-Equity at the standalone level stood at 1.15x in Q1FY20 against 1.17x in Q4FY19. Net Debt-to-Equity at the consolidated level stood at 1.35x in Q1FY20 against 1.34x in Q4FY19.
  • Production and sales for JSW Steel Coated Products stood at 0.43mn tonnes and 0.45mn respectively. Revenue and EBITDA for JSW Steel Coated products in Q1FY20 stood at Rs2,990cr and Rs172cr, respectively.

Technical View:

JSW Steel Ltd is currently trading at Rs. 247.70, down by 1.05 points or 0.42% from its previous closing of Rs. 248.75 on the BSE.
The scrip opened at Rs. 247.70 and has touched a high and low of Rs. 253.40 and Rs. 247.20 respectively. So far 56,22,908 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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