InCred Equities - Jindal Steel and Power

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue (Rsm)	510,856	486,278	451,689	462,805
Operating EBITDA (Rsm)	155,134	69,239	73,583	72,808
Net Profit (Rsm)	82,553	24,512	29,580	27,772
Core EPS (Rs)	84.3	24.3	29.3	27.5
Core EPS Growth	40.1%	(71.2%)	20.7%	(6.1%)
FD Core P/E (x)	9.86	33.06	27.40	29.18
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	5.91	12.43	11.10	10.62
P/FCFE (x)	47.90	(72.36)	13.50	13.49
Net Gearing	23.9%	9.0%	(2.0%)	(11.4%)
P/BV (x)	2.27	2.13	1.98	1.85
ROE	25.4%	6.7%	7.5%	6.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Net Revenues	510,856	486,278	451,689	462,805
Gross Profit	305,831	264,226	275,564	281,201
Operating EBITDA	155,134	69,239	73,583	72,808
Depreciation And Amortisation	(20,968)	(28,525)	(28,947)	(29,334)
Operating EBIT	134,167	40,714	44,636	43,474
Financial Income/(Expense)	(18,877)	(9,076)	(5,955)	(6,942)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	504	1,962	1,962	1,962
Profit Before Tax (pre-EI)	115,793	33,601	40,644	38,495
Exceptional Items	(4,062)
Pre-tax Profit	111,731	33,601	40,644	38,495
Taxation	(29,245)	(9,089)	(11,064)	(10,722)
Exceptional Income - post-tax
Profit After Tax	82,485	24,512	29,580	27,772
Minority Interests	67
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	82,553	24,512	29,580	27,772
Recurring Net Profit	85,552	24,512	29,580	27,772
Fully Diluted Recurring Net Profit	85,552	24,512	29,580	27,772

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
EBITDA	155,134	69,239	73,583	72,808
Cash Flow from Invt. & Assoc.
Change In Working Capital	100	13,109	(4,871)	(3,486)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	14,430	(423)	940	30
Other Operating Cashflow	(5,044)	(7,139)	(14,211)	(12,540)
Net Interest (Paid)/Received	(23,747)	(9,076)	(5,955)	(6,942)
Tax Paid	19,604	9,089	11,064	10,722
Cashflow From Operations	160,478	74,799	60,550	60,592
Capex	(28,722)	(12,741)	(10,500)	(10,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	5,409
Cash Flow From Investing	(23,313)	(12,741)	(10,500)	(10,500)
Debt Raised/(repaid)	(120,166)	(73,259)	10,000	10,000
Proceeds From Issue Of Shares	(4,966)
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(26,064)	(9,076)	(5,955)	(6,942)
Cash Flow From Financing	(151,196)	(82,334)	4,045	3,058
Total Cash Generated	(14,031)	(20,276)	54,095	53,151
Free Cashflow To Equity	16,998	(11,200)	60,050	60,092
Free Cashflow To Firm	160,911	71,134	56,005	57,034

(Rs mn)	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Total Cash And Equivalents	40,006	19,730	73,825	126,976
Total Debtors	12,641	17,020	20,929	23,981
Inventories	72,814	71,460	65,137	65,903
Total Other Current Assets	140,628	144,327	150,210	153,651
Total Current Assets	266,089	252,537	310,101	370,512
Fixed Assets	475,782	459,998	441,551	422,717
Total Investments	1,378	1,378	1,378	1,378
Intangible Assets	4,480	4,480	4,480	4,480
Total Other Non-Current Assets	18,707	18,707	17,824	17,855
Total Non-current Assets	500,347	484,563	465,234	446,430
Short-term Debt	44,277	11,018	11,018	11,018
Current Portion of Long-Term Debt
Total Creditors	52,519	52,202	48,214	49,232
Other Current Liabilities	130,227	150,378	152,964	155,720
Total Current Liabilities	227,023	213,597	212,196	215,970
Total Long-term Debt	84,343	44,344	54,344	64,344
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	7,137	7,287	7,287	7,287
Total Non-current Liabilities	91,480	51,630	61,630	71,630
Total Provisions	76,981	76,408	76,465	76,526
Total Liabilities	395,483	341,636	350,291	364,126
Shareholders Equity	356,247	380,759	410,338	438,111
Minority Interests	14,705	14,705	14,705	14,705
Total Equity	370,952	395,464	425,044	452,816

	Mar-22A	Mar-23F	Mar-24F	Mar-25F
Revenue Growth	31.0%	(4.8%)	(7.1%)	2.5%
Operating EBITDA Growth	7.4%	(55.4%)	6.3%	(1.1%)
Operating EBITDA Margin	30.4%	14.2%	16.3%	15.7%
Net Cash Per Share (Rs)	(87.68)	(35.25)	8.37	51.07
BVPS (Rs)	352.48	376.73	405.99	433.47
Gross Interest Cover	7.11	4.49	7.50	6.26
Effective Tax Rate	26.2%	27.0%	27.2%	27.9%
Net Dividend Payout Ratio
Accounts Receivables Days	14.50	11.13	15.33	17.71
Inventory Days	117.71	118.58	141.54	131.69
Accounts Payables Days	82.70	86.07	104.05	97.93
ROIC (%)	24.7%	7.9%	8.9%	9.0%
ROCE (%)	23.1%	7.4%	8.2%	7.5%
Return On Average Assets	13.6%	4.5%	4.7%	4.4%

(91) 22 4161 1562 satish.kumar@incredresearch.com

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Source: Bloomberg