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Jindal Steel and Power Ltd. reported lower than expected Q1 FY22 Ebitda on weaker than expected sales volumes.
Its standalone Ebitda decreased 7% QoQ to Rs 45 billion as its volumes fell 16% to 1.6 million tonnes.
Exports contributed 34% to its sales in Q1 FY22 compared to 27% in Q1 FY21 as lockdown affected domestic demand.
Nevertheless, JSPL’s net debt fell to Rs 152 billion as of June 30, compared to Rs 221 billion as of March 31 which is a strong positive.
Given weaker than expected Ebitda reported in Q1 FY22, we lower our FY22 Ebitda estimate by 11%.
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