JSW Steel shares drop on prediction of profit shrinkage ahead of March quarter earnings

Market participants will monitor sales volume growth and capacity utilisation during January-March quarter

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JSW Steel investors seem to be cautious ahead of its March quarter earnings. Although net sales are expected to have positively surprised on a year-over-year basis, profit is likely to have shrunk.

At 12.46 pm, shares of the steelmaker were at Rs 685.40 on the BSE, down 1 percent.

The company is expected to post consolidated net sales of Rs 47,675.3 crore during the quarter ended March as compared to last year’s Rs 46,895 crore. However, the net profit could be at Rs 2,498.2 crore as compared to the Rs 3,234.0 crore profit posted a year ago, according to Kotak Institutional Equities.

The brokerage firm sees the operating margin shrinking to 15.3 percent in the quarter under review from 19.6 percent in the corresponding quarter last fiscal.

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On a standalone basis, the brokerage firm expects the steel manufacturer to report a standalone volume of 5.69 million tons, up over 11 percent YoY and 15 percent QoQ, on ramp-up of volumes at Dovli phase II. It has estimated steel realisation to increase by 5.5 percent QoQ, down 6.5 percent YoY, led by price hikes during the quarter and contract resets.

Kotak Institutional Equities sees the standalone EBITDA per ton recovering by 31 percent QoQ to Rs 10,685 per ton, down 21 percent YoY, led by higher realisations partly offset by higher input costs.

According to market participants, sales volume growth and capacity utilisation would be among the key monitorable factors.

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