Reduce JSW Steel, target price Rs 570: Geojit

Geojit has reduce call on JSW Steel Ltd. with a target price of Rs 570. The current market price of JSW Steel Ltd. is Rs 685.5.

JSW Steel Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 165676.29 Crore) operating in Metals - Ferrous sector.

JSW Steel Ltd. key Products/Revenue Segments include Hot Rolled Coils/Plates/Sheets, Rolled Product, Coils (Cold Rolled), Coils & Sheets (Galvanised), Iron Ore, Billets & Blooms, Others, Other Operating Revenue, M S/S S Slabs for the year ending 31-Mar-2022.


Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 41966.00 Crore, up 9.64 % from last quarter Total Income of Rs 38275.00 Crore and up 25.46 % from last year same quarter Total Income of Rs 33449.00 Crore. Company reported net profit after tax of Rs -859.00 Crore in latest quarter.


Investment Rationale
Hence, the brokerage downgrades rating on the stock to REDUCE with a revised target price of Rs. 570 based on 6x FY24E EV/EBITDA.

Promoter/FII Holdings
Promoters held 45.02 per cent stake in the company as of 30-Jun-2022, while FIIs owned 10.61 per cent, DIIs 9.07 per cent.