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JSW Steel: Higher cost push likely to impact performance in the short term

JSW to benefit from higher volumes, with Dolvi expansion going on stream; investors need to watch out for raw material cost push

January 24, 2022 / 09:52 AM IST
JSW Steel: Higher cost push likely to impact performance in the short term

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The Q3 results of JSW Steel (JSW; CMP: Rs 667; Market capitalisation: Rs 1,61,144 crore) have come in below Street expectations. In FY23, we expect Dolvi’s 5-million-tonne (MT) capacity to contribute to higher volumes. The higher debt, as on December 31, 2021, was due to the consolidation of Bhushan Power and Steel with JSW. December-quarter performance JSW’s plants operated at 94 percent capacity utilisation levels (ex-Dolvi expansion, which commenced commercial operations on November 15, 2021) compared with 91 percent in the...

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