Motilal Oswal is bullish on Jindal Steel & Power has recommended buy rating on the stock with a target price of Rs 194 in its research report dated 8 August 2017.
Motilal Oswal's research report on Jindal Steel & Power
Jindal Steel and Power’s (JSP) 1QFY18 consolidated EBITDA grew 37% YoY (-13% QoQ) to INR13.5b (in -line). Interest cost rose 4% QoQ to INR9b due to an increase in Libor. Cash profit was INR5.4b (v/s cash loss of INR3.2b in 1QFY17).Net debt was unchanged QoQ, despite an increase in working capital.
JSP is likely to benefit from an improvement in the underlying drivers (higher coking coal prices, domestic coal supply, pellet export prices, and domestic long product prices) of earnings growth. Maintain Buy.
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