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03 December, 2021 06:00 IST
Buy Jindal Steel & Power; target of Rs 609: IDBI Capital
Source: IRIS | 14 May, 2021, 04.56PM
Rating: NAN / 5 stars.
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 Jindal Steel & Power (JSPL) Q4FY21 profitability was a beat. It reported highest ever consolidated EBITDA of Rs 53 billion (+153% YoY) mainly driven by higher realizations and operating efficiencies. Its net debt fell by Rs 35 billion QoQ to Rs 138 billion. Importantly, JSPL announced its intention to double its steel capacity at Angul from 6 mtpa to 12 mtpa which would take JSPL's total capacity to 16 mtpa with a capex of Rs 180 billion by FY25.

Commenting on the result review, IDBI Capital said, "Steel prices have risen sharply in the past six months. Hence, we raise our realization estimate and our EBITDA estimates for FY22/FY23 by 51%/43% as we now expect higher steel prices to sustain. Our revised SOTP-based TP is Rs 609 (earlier Rs 375)."

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