JSW Steel Q2: Exports of iron ore in the first six months, says Seshagiri Rao

It was a good show from JSW Steel as revenue beat is driven by higher volumes, sequentially higher prices and a better sales mix.

“The Q2 standalone EBITDA per tonne at Rs 10,140. It’s strong on higher volume, better sales mix and higher realisations,” said Seshagiri Rao, Joint MD & Group CFO of the company in an interview with CNBC-TV18.

Domestic steel prices are at a 5-6 percent discount to landed imports, he further said, adding that iron ore exports have doubled. He is confident of achieving sales guidance of 15 mt.

#OnCNBCTV18 | Seshagiri Rao of JSW Steel is confident of achieving sales guidance of 15 mt but could miss production guidance pic.twitter.com/fh3NTqqayn

— CNBC-TV18 (@CNBCTV18Live) October 26, 2020

“Exports of iron ore in the first six months of this year are more than doubled. So that is a bit of a concern. The domestic industry is suffering from lack of iron ore as a lot of exports are happening from India.” he further added.

On Bhushan Power, Rao said the Supreme Court’s final hearing on Bhushan Power is on November 3 and we look to close Bhushan Power post-hearing.

“Once the judgment comes, we are ready to implement the plan,” he added.

For more, watch the video.

Source: CNBC-TV18