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Systematix Research Report
Jindal Stainless Ltd., reported revenue of Rs 94.5 billion (-3%/+4% YoY/QoQ), Ebitda of Rs 10.4 billion (-10%/-17% YoY/QoQ) and Ebitda margin of 17% (-76.5 bps/-270.3 bps YoY/QoQ) during Q4 FY24.
Stainless steel volumes at 570.3 kt increased 12%/11% YoY/QoQ, respectively, in Q4. With operations ramping up at its recently commissioned 1.1 mt capacity expansion at Jajpur plant in Odisha, Jindal Stainless achieved consistent volume growth during the year.
Blended realisation declined 14%/7% YoY/QoQ during the quarter, respectively, to around Rs 1,65,755/tonne, mainly as nickel prices fell continuously throughout the year.
On a per ton basis, the company reported Ebitda of Rs 18,150 (-19%/-25% YoY/QoQ). Jindal Stainless recorded FY24 revenue and Ebitda of Rs 385.6 billion (+8% YoY) and Rs 47 billion (+31% YoY), respectively, with volumes up 23% YoY at 2.17 mt.
The blended realisation for the year fell by 22% YoY to Rs 1,77,331/tonne, as stainless steel prices trailed the continuous slide in nickel prices.
Rampant stainless steel imports from China throughout the year added to the price pressure. FY24 Ebitda margin improved to 12.2% from 10% in FY23, as higher volumes translated into better operating leverage.
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