Jindal Steel & Power (JSPL) reported lower-than-expected EBIDTA and PAT in Q4FY22. EBIDTA/te declined by ~Rs3,815/te QoQ to Rs13,589/te; net debt at the end of Q4FY22 was Rs88.8bn. Consolidated EBITDA also declined by Rs3427/te – this could have been better but for US$14mn forex loss in Mozambique and inability to ramp up sales from the Russel vale coal mines.