18 July 2020 In FY20, JSTL ramped-up exports by 33% YoY to 3.2mt amid 10.7% YoY decline in domestic volumes (due to weak demand from auto and other flat steel consumers). JSTL expects share of exports to rise further to ~30% in FY21 as domestic demand is likely to be weak due to the disruption caused by COVID-19. Amid uncertainties arising from COVID-19, JSTL is focusing on cash conservation and has thus recalibrated its capex plans to prioritize return- accretive projects. FY21 capex has thus been curtailed to INR90b v/s the earlier planned spend of INR163b. JSW Steel Net debt (including acceptances) increased by INR64b YoY to INR639b in FY20 on weak domestic margins, significant losses in subsidiaries, and a higher capex spend. However, gross debt surged by INR121b to INR759b as JSTL increased liquidity in hand due to uncertainty in cash flows stemming from COVID-19. Net debt / EBITDA rose to 5.7x in FY20 (from 3.