JSW Steel Ltd reported a good set of numbers for Q4FY19. Revenue grew by 4.8% yoy to Rs22,368cr (expectation Rs21,214cr). EBITDA stood at Rs4,440cr, down 16.1% yoy against estimates of Rs4,170cr. EBIDTA margin declined by 494bps yoy to 19.8%. Net profit stood at Rs1,523cr, a decline of 49.2% yoy, against an estimate of Rs1,480cr.
Net realizations declined by 2% yoy during the quarter (standalone).
Total saleable steel sales grew to 4.29mn tonnes, up 2% yoy. Volumes for long products was flattish, while flat products grew by 4% yoy.
Crude steel production reported was 4.17mn tonnes, which was lower by 3% yoy due to planned shutdown at Dolvi works.
Gross margins were impacted on account of higher input cost on rupee depreciation.
Net Debt-to-Equity at the standalone level stood at 1.17x in Q4FY19 against 1.24x in Q3FY19. Net Debt-to-EBITDA at the consolidated level stood at 1.34x in Q4FY19 against 1.4x in Q3FY19.
Production and sales for JSW Steel Coated Products stood at 0.43mn tonnes and 0.49mn respectively. Revenue and EBITDA for JSW Steel Coated products in Q4FY19 stood at Rs3,184cr and Rs86cr, respectively.
JSW Steel Ltd is currently trading at Rs. 283.30, up by 7.25 points or 2.63% from its previous closing of Rs. 276.05 on the BSE.
The scrip opened at Rs. 278.35 and has touched a high and low of Rs. 291.50 and Rs. 273.75 respectively. So far 1,02,72,123 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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