Name: Latest research reports of Jindal Stainless Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Jindal Stainless Ltd.
Rating: 5
Author: ICICI Securities Limited

Volume growth a major positive

Buy: Jindal Stainless Ltd.

Target

ICICI Securities Limited

Jindal Stainless’ (JSL) Q4FY23 performance was 12% ahead of our and street estimates. Key points: 1) sales volumes were up 14% YoY (8.5% QoQ) to an all-time high of 507.6kte aided by the rolling of third-party stainless steel flats; 2) blended realisation however was down 14% YoY (-3% QoQ) tracking international raw material prices and higher volumes of the 200 series in the domestic market.