31 January 2015
3QFY15 Results Update | Sector:
Metals
JSW Steel
BSE SENSEX
29,183
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INR M) Vol ‘000
Free float
S&P CNX
8,809
JSTL IN
241.7
1,365/805
-13/-29/33
737/660
60.4
CMP: INR977
TP: INR1,176 (+20%)
Buy
EBITDA in-line; WC up; RM cost reduction to protect margins
Consolidated EBITDA declined 18% QoQ to INR23b in-line with estimates. Interest
cost increased 10% QoQ to INR9.37b on increase in working capital and
refinancing cost. Adjusted PAT declined 57% QoQ to INR3.2b..
Steel prices impacted standalone margin:
EBITDA declined 19% QoQ to INR21.2b
although sales volumes declined only 1% QoQ to 3.03mt. EBITDA per ton declined
sharply by INR1546/t QoQ to INR6,988/t largely because of correction in
realization (NSR) by INR1,291/t QoQ. Share of value added products (VAP)
increased 2pp QoQ to 35%. There was no correction seen in raw material cost.
Subs too were hurt:
EBITDA contribution from subsidiaries declined 7% QoQ to
INR1.8b due to decline in margins at JSW coated and widening of overseas losses.
Net debt up on working capital increase:
Net debt increased by INR35b QoQ to
INR39.6b (excluding acceptances of USD1.425b) due to increase in working capital
on account of iron ore imports, and steel inventories increase (by 135kt).
Volumes guidance intact:
Despite challenges of weak demand, rising imports and
pricing pressure, JSW Steel is on track to deliver 12.2mt sales volumes in FY15.
Margins to be resilient, in our view:
raw material costs is likely to be lower QoQ
by INR1500-2000/t on account of fall in iron ore prices (by USD11-13/t) and fall in
coking coal sea freights (by USD6/t). The margins are likely to be protected as raw
material cost reduction will offset realization decline to the extent of US30/t.
Target price cut, Maintain Buy:
We have cut FY16 EBITDA and target prices by 4% and
9% to INR97.8b and INR1,176/share (upside 20%) respectively. JSW Steel is one of few
Indian steel companies that can protect margins through cost reduction. Expansion of
capacity by 1.7mtpa is on schedule to be completed during FY16. JSW Steel may
review further capex to manage financial leverage.
Maintain Buy.
M.Cap. (INR b) / (USD b) 236.2/3.8
Financials & Valuation (INR Billion)
Y/E MAR
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr. (%)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
EV/EBITDA
( )
2015E 2016E 2017E
538.7
102.4
23.2
95.5
147.6
10.3
10.0
10.2
1.0
6.5
535.9
97.8
20.0
81.6
-14.5
8.2
8.7
12.0
1.0
6.7
573.5
100.4
19.6
79.9
-2.1
7.6
8.6
12.2
0.9
6.5
9%
11%
Estimate change
TP change
Rating change
Sanjay Jain
(SanjayJain@MotilalOswal.com); +91 22 3982 5412
Dhruv Muchhal
(Dhruv.Muchhal@MotilalOswal.com); +91 22 3027 8033
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

JSW Steel
JSW 3Q consolidated EBITDA declined 18% QoQ to INR22.9b, in-line with our
estimate. The margins were impacted by fall in steel prices, while raw material costs
remained largely unchanged. PAT was down 57% QoQ to INR3.2b. Net debt
increased by INR35b QoQ to INR39.6b (excluding acceptances of USD1.425b) due to
increase in working capital on account of iron ore imports, and steel inventories
increase (by 135kt).
Standalone: EBITDA/t down 18% QoQ on weak realization
Net sales contracted 5% QoQ / 4% YoY to INR115b. Sales volume was down 1%
QoQ / 2% YoY to 3.03mt while net realization declined 3% QoQ / 2% YoY to
~INR37,970/t. Sales volume decline of 1% QoQ was better than our estimate of
a 4% decline. Slower than expected pick in domestic demand, strong
competition from China and Russia in export markets, and rising imports were
key challenges. Crude steel production was lower by 4% QoQ / 1% YoY to
3.17mt.
EBITDA was down 19% QoQ / 8% YoY to INR21.2b, but came 1% ahead of our
estimate on account of beat at sales. EBITDA/t came at INR6,988/t down from
INR8,543/t in 2Q.
Lower realization was partly offset by decline in raw material cost (-7% QoQ)
and power cost (-6% QoQ). But higher other expenses (+20% QoQ), on account
of (a) hedging/acceptances related cost on imported iron ore and (b) job work
related charge for converting pellet to DRI, led to QoQ fall in EBITDA/t.
Interest cost increased 9% QoQ, higher than expected due to pre-payment
related charge and increase in working capital. Working capital increased for
imported iron ore inventories and 135kt increase in finished goods inventory.
Investment in US plate mill was further written-off to the extent of INR1.1b. This
follows INR1.9b charge booked in 2Q.
Adjusted for exceptional charge, PAT was down 46% YoY / 26% YoY to INR4.8b.
India import HRC prices are down by about ~11% since beginning January. We
expect JSW’s net realization to decline by INR2,000/t in 4Q. Impact of lower
realization however would be offset by expected cut in domestic iron ore prices,
lower international iron ore prices and freight cost benefit on coking coal
imports, in our view. We expect EBITDA/t in 4Q to improve marginally to
INR7,138 from INR6,988 in 3Q.
Exhibit 1: Standalone EBITDA/t change QoQ
8,534
(1,291)
537
167
(16)
(943)
6,988
EBITDA
2QFY15
Realization Raw material
Power
Staff
Others
EBITDA
3QFY15
Source: MOSL, Company
31 January 2015
2

JSW Steel
Exhibit 2: Net realization down 3% QoQ (INR/t)
Exhibit 3: EBITDA/t down on lower realization
Volumes (Kt)
6,457
EBITDA
8,545 8,534
7,478 8,052
6,988
6,674 6,859 7,137
5,527
Source: MOSL, Company
Source: MOSL, Company
Exhibit 4: Share of exports increased to 29% in 3QFY15
Share of exports (%)
34%
24%
14%
27%
28%
27%
25%
29%
Exhibit 5: Value add mix has continued to improve
Value add & special product mix (%)
27%
29%
33%
35%
25%
23%
25%
Source: MOSL, Company
Source: MOSL, Company
Subsidiary: Coated business volume decline; Chile losses widen
Coated business sales volume were lower 10% QoQ to 0.37mt. This along with
~INR500/t lower realization drove ~INR1,000/t QoQ decline in EBITDA/t to
INR1,757. Absolute EBITDA at INR650m was down from INR1,080m in 2Q.
US business generated an operating loss of USD0.4m in the quarter (against gain
of USD3m in 2Q). Utilization at plate mill fell 600bps YoY to 34% but improved
500bps at pipe mill to 14%.
Chile iron ore business operation loss increased to USD6.4m from USD1.7m in
2Q. Higher loss was driven by decline in iron ore prices. Operating cost was
broadly unchanged QoQ at USD92/t.
Maxsheet – consolidated began from this quarter – generated EBITDA of
INR150m. Maxsteel is however shut down due to disruption of APM gas. APM
Gas supply has been restored at both Dolvi and Salav with the help of court
order.
31 January 2015
3

JSW Steel
Exhibit 6: Subsidiary businesses EBITDA contribution
Y/E March (INR m)
Net Sales
EBITDA
JSW coated
US Mills
Chile iron ore
Ambariver coke
US coal & adj.
PAT
1Q
9,125
1,303
790
34
48
-20
-2,476
FY14
2Q
3Q
14,982 16,583
1,141
1,062
780
790
-127
-107
332
324
-21
-4,266
55
-4,125
4Q
18,530
323
940
-248
82
-450
-5,435
1Q
17,077
1,506
950
240
-21
125
212
-1,633
FY15
2Q
18,413
1,925
1,080
154
-107
410
388
-1,613
FY14 FY15E FY16E FY17E
3Q
4QE
17,178 18,106
1,784 2,002
650
893
-28
-398
410
1,150
-1,984 -1,839
59,220 70,774 78,133 79,785
3,829 7,217 8,518 8,976
3,300 3,573 3,661 3,810
-16,303 -7,913 -6,944 -6,038
Source: MOSL, Company
Exhibit 7: Consolidation of MaxSteel led to higher ‘other’ Exhibit 8: Coated business EBITDA/t lower QoQ on lower
business EBITDA
sales volume and pricing pressure
JSW Coated
Others
Volumes (Kt)
2,136
EBITDA (INR/T)
2,634
2,375
1,757
272
790
940
-617
3QFY14
4QFY14
556
950
845
1,080
1,134
650
1,881
420
1QFY15
2QFY15
3QFY15
440
400
410
370
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
Source: MOSL, Company
Source: MOSL, Company
31 January 2015
4

JSW Steel
Valuation and views
TP: INR1,176, upside 20%; Maintain Buy
Implication from results
With India import HRC prices down by ~11% beginning January, we cut our 4Q net
realization estimate by 5% now implying INR2,000/t QoQ decline in realization. Our
EBITDA/t in 4Q is however expected to be slightly higher QoQ given benefit of
expected cut in NMDC/domestic iron ore prices, lower international iron ore prices
(USD11-13/t) and lower freight cost on coking coal imports (USD6/t). Our QoQ
broadly flat EBITDA/t estimate is however lower than ~INR500/t increase expected
earlier. Resultantly, our standalone 4Q EBITDA is cut buy 5% to INR23.2b.
For FY16/17E our consolidated EBITDA is cut by 9%/10% factoring in impact of lower
realization offset partly by benefit of lower raw material cost. Our TP is cut to
INR1,176 from INR1,300 earlier factoring in impact of above changes.
Exhibit 9: India import HRC prices have been trending lower
India import parity HRC
prices are down by ~11%
(INR3,000/t) since
beginning January on
dumping by Chinese mills
and benefit of currency
depreciation for CIS
suppliers.
40,000
38,000
36,000
34,000
32,000
30,000
28,000
HRC Mumbai (INR/t)
Source: MOSL, Company, Bloomberg
We expect some relief from
lower iron ore prices for
JSW. NMDC is likely to cut
prices by ~INR1,200/t as
domestic supply improves,
in our view. Impact of
improving supplies is
already evident with a few
private miners in Eastern
region already cutting
prices by more than
~INR800/t.
Exhibit 10: NMDC iron ore net realization – INR/t
NMDC's Realization
4,500
3,500
2,474
2,500
1,500
4,205
3,105
Source: MOSL, Company
31 January 2015
5

JSW Steel
Exhibit 11: Iron ore China cfr – USD/t
While international iron ore
prices are sliding on back of
increasing sea-borne
supplies. Iron ore China cfr
in 3QFY15 averaged
USD75/t as against current
spot of lower than USD63/t.
JSW targets imports of
~30% of its total
requirement.
CIF
130
115
100
85
70
55
FOB
Source: MOSL, Bloomberg
Exhibit 12: Coking coal FoB Australia – USD/t
While coking coal has been
broadly flat over the past
few months…
Spot coking coal (fob Australia)
180
160
140
120
100
Source: MOSL, Bloomberg
..lower freight cost as a
result of lower crude oil
price and weak sea freight
demand will bring some
savings. We expect QoQ
savings in coking coal cost
for JSW of ~USD5-6/t.
Exhibit 13: Freight rates to China – USD/t
Brazil
32
24
16
8
0
Australia
India
Source: MOSL, Bloomberg
Outlook and view
JSW Steel is one of the best placed steel producers in the current cycle owning to its
non-captive raw material exposure, value added product mix and efficient
operations.
With global iron ore prices likely to remain under pressure and easing domestic iron
ore supply, JSW is relatively better placed in a falling steel price environment. Every
INR500/t decline in iron ore cost has a 10% positive impact on JSW’s EBITDA. JSW’s
improving product mix – value add represented 35% of sales in 3QFY15 from 25% in
3QFY14 – would further aid margins. It is already one of the lowest cost steel
31 January 2015
6

JSW Steel
producers and is well placed to secure iron ore mining leases whenever the
government decides to auction resources (under the amendment to MMDRA Act).
Healthy FCF generation over FY15-17E (INR36-49b), despite on-going expansion
plans, would provide growth impetus, in our view.
We value JSW Steel at 6.5x FY16E EV/EBITDA, in-line with our metal coverage
universe. Our 12m TP is INR1,176, implies an upside of 20%.
Key catalysts over the next 12 months
Auctioning of iron ore mines in Karnataka.
Uptick in domestic steel demand.
Imposition of duty on steel imports.
Key risks
Regulatory hurdles to improvement in the domestic iron ore supply.
Sharp appreciation of INR to USD.
Exhibit 14: Target price derivation
Year
A. S/A volumes
B. EBITDA per ton
C. S/A EBITDA (AxB)
D. Sub. EBITDA
E. Cons. EBITDA (C+D)
F. Target EV/EBITDA (x)
G. Target EV (FxG)
less: Net Debt (Rs m)
add: CWIP
Equity value
No. of shares
Target price
2013
8.9
7,105
63,088
1,951
65,039
2014
11.9
7,405
87,826
3,829
91,655
2015E
12.2
7,782
95,180
7,217
102,397
6.5
665,581
431,376
85,972
320,177
242
1,324
2016E
2017E
12.7
13.7
7,016
6,659
89,312
91,433
8,518
8,976
97,830
100,409
6.5
6.5
635,893
652,661
422,501
420,365
70,972
60,972
284,364
293,268
242
242
1,176
1,213
Source: MOSL, Company
292,123
65,972
424,082
90,972
Exhibit 15: Metal sector valuation
Rating
Steel
Tata Steel
Buy
SAIL
Neutral
JSW Steel
Buy
JSPL
Neutral
NMDC
Buy
Non-Ferrous
Hindalco
Buy
SSLT
Buy
Hindustan Zinc
Buy
Nalco
Buy
CMP=current market price
Price MCAP
EPS
(INR) (USD M) FY14E FY15E FY16E
390
77
977
159
142
140
202
175
45
6,174
5,200
3,845
2,364
9,157
4,698
9,736
12,022
1,900
35.5
4.6
38.6
20.9
16.1
12.5
17.2
16.3
2.6
25.6
6.3
95.5
13.0
17.2
13.7
20.6
20.4
5.6
56.0
5.6
81.6
11.3
14.5
15.1
18.9
18.8
6.8
P/E (x)
FY15E FY16E
15.2
12.2
10.2
12.2
8.3
10.2
9.8
8.6
8.2
7.0
13.8
12.0
14.1
9.8
9.3
10.7
9.3
6.7
EV/EBITDA (x)
FY15E FY16E
7.1
9.2
6.5
9.0
4.5
7.8
6.2
5.3
2.7
6.0
8.2
6.7
8.9
5.6
P/B(x)
FY14E FY15E
1.5
0.7
1.1
0.6
1.9
1.2
0.7
1.0
0.7
1.7
6.6
1.3
1.2
5.7
0.8
0.8
4.4
1.6
1.4
1.6
0.9
0.9
Source: MOSL, Company
31 January 2015
7

JSW Steel
Story in charts
Exhibit 16: Capacity expansion to drive volume growth
Steel sales - mt
11.9 12.2 12.7
5.7
3.3
25%
2QFY14
35%
2QFY15
6.1
7.8
8.9
13.7
75%
Other
VAP
65%
16.8
Exhibit 17: Improving product mix
Source: Company, MOSL
Source: Company, MOSL
Exhibit 18: FCF generation to provide impetus to further gwth Exhibit 19: One of the lowest/ efficient convertors – USD/t
FCF - INR b
Capex - INR b
85
53
41
2
-6
-25
FY11
FY12
FY13
-14
FY14
FY15E
FY16E
FY17E
FY09
FY10
FY11
FY12
FY13
FY14
56
57
36
49 45
49 50
150
108
323
311
272
214
136
156
140
133
JSW
300
273
SAIL
TSI
322 310
327
347
289
270
Source: Company, MOSL
Source: Company, MOSL
Exhibit 20: Iron ore sourcing cost increasing; Auction to aid
Iron ore cost/t
3,869
2,858 2,936
2,111 2,275 1,919
380 589
886
1,155
3,212
Exhibit 21: Exports increasing despite increasing competition
Share of exports (%)
34%
24%
14%
27%
28%
27%
25%
29%
Source: MOSL, Company
Source: MOSL, Company
31 January 2015
8

JSW Steel
Corporate profile
Company description
JSW Steel (JSTL) demonstrated excellent project
execution skills over the past decade, growing its
annual capacity 6x to 10m tons through brownfield
expansions at Vijaynagar. With the acquisition of
Ispat Industries and Salem Steel, it controls annual
capacity of 14.3m tons. Its main production
facilities are located in proximity to rich iron ore
reserves in Karnataka. It has investments in iron
ore and coal mining in Americas. Its other overseas
investments include plate and pipe mill operations
and coal mines in the US.
Exhibit 22: Sensex rebased
Exhibit 23: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
39.6
4.1
19.9
36.5
Sep-14
39.3
3.7
20.4
36.6
Dec-13
37.3
4.9
18.6
39.2
Exhibit 24: Top holders
Holder Name
JFE Steel International Europe B V
APMS Investment Fund Ltd
Lotus Global Investments Ltd
Duferco Coke Investments Ltd
Gagandeep Credit Capital Pvt Ltd
%
Holding
15.0
1.8
1.7
1.7
1.6
Note: FII Includes depository receipts
Exhibit 25: Top management
Name
Sajjan Jindal
Savitri Devi Jindal
Vinod Nowal
Seshagiri Rao M V S
Designation
Chairman & Managing Director
Chairman Emeritus
Deputy Managing Director
Jt. Managing Dir. & Group CFO
Exhibit 26: Directors
Name
Sajjan Jindal
Savitri Devi Jindal
Vinod Nowal
Seshagiri Rao M V S
S K Gupta*
Vijay Kelkar*
Sudipto Sarkar*
*Independent
Name
Uday M Chitale*
Punita Kumar Sinha*
Kannan Vijayaraghavan*
Jayant Acharya
Hiromu Oka
Naveen Raj Singh
Exhibit 27: Auditors
Name
Deloitte Haskins & Sells LLP
Type
Statutory
Exhibit 28: MOSL forecast v/s consensus
EPS (INR)
FY15
FY16
FY17
MOSL forecast
95.5
81.6
79.9
Consensus
forecast
109.0
125.7
147.3
Variation (%)
-12.4
-35.1
-45.7
31 January 2015
9

JSW Steel
Financials and valuations
Income Statement (Consolidated)
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income
PBT after EO
Current tax
Deffered tax
Tax
Rate (%)
Reported PAT
Minority interests
Share of Associates
Preference dividend
Adj. PAT (after MI & Asso)
Change (%)
2010
189,572
19.0
148,865
40,707
21.5
12,987
27,720
11,080
1,012
17,652
4,348
22,000
6,467
6,467
29.4
15,533
-332
111
289
11,952
46.4
2011
241,059
27.2
192,380
48,679
20.2
15,597
33,082
10,603
1,900
24,379
24,379
5,855
1,930
7,785
31.9
16,594
-239
707
279
16,783
40.4
2012
343,681
42.6
282,662
61,019
17.8
19,332
41,687
14,273
769
28,183
-15,353
12,830
4,113
889
5,002
39.0
7,828
189
-2,262
279
14,844
-11.6
2013
382,097
11.2
317,057
65,039
17.0
22,375
42,664
19,675
697
23,687
-4,302
19,385
5,151
3,302
8,453
43.6
10,933
-343
-1,645
279
11,091
-25.3
2014
512,197
34.0
420,542
91,655
17.9
31,826
59,829
30,479
858
30,209
-17,128
13,081
2,616
6,585
9,201
70.3
3,880
504
135
279
9,322
-16.0
2015E
538,694
5.2
436,297
102,397
19.0
34,229
68,168
35,455
1,070
33,783
-212
33,571
6,714
4,229
10,943
32.6
22,628
562
26
279
23,080
147.6
2016E
535,904
-0.5
438,074
97,830
18.3
36,198
61,631
37,172
645
25,104
25,104
5,021
607
5,627
22.4
19,477
506
20
279
19,725
-14.5
(INR Million)
2017E
573,516
7.0
473,106
100,409
17.5
38,187
62,222
38,421
794
24,595
24,595
4,919
616
5,535
22.5
19,059
506
20
279
19,307
-2.1
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Current Assets
Appl. of Funds
E: MOSL Estimates
31 January 2015
2010
1,871
87,911
89,781
2,187
215,019
16,848
323,834
276,912
53,393
223,520
69,562
6,282
54,700
28,667
6,964
3,030
16,038
30,229
27,580
2,649
24,471
323,834
2011
2,231
160,272
162,503
2,219
236,073
20,494
421,288
337,771
68,732
269,039
65,078
26,437
86,298
44,097
9,334
23,063
9,805
25,563
21,740
3,823
60,735
421,288
2012
2,231
162,474
164,705
2,177
293,907
27,250
488,039
426,895
88,775
338,121
35,703
18,856
124,582
57,893
15,394
32,510
18,786
29,223
26,565
2,659
95,359
488,039
2013
2,231
168,416
170,647
1,972
310,091
32,720
515,430
458,676
111,508
347,168
65,972
16,064
120,572
54,952
21,063
17,969
26,588
34,345
30,858
3,487
86,226
515,430
2014
2,417
216,966
219,383
1,670
431,392
21,234
673,679
691,215
217,729
473,485
90,972
5,947
205,995
81,551
22,924
7,310
94,209
102,720
33,051
69,668
103,275
673,679
2015E
2,417
228,504
230,922
2,232
439,612
25,463
698,229
781,215
251,959
529,256
85,972
5,947
213,136
88,552
22,138
8,237
94,209
136,083
66,414
69,668
77,054
698,229
2016E
2,417
244,839
247,256
2,738
439,612
26,070
715,676
841,215
288,157
553,058
70,972
5,947
221,438
88,094
22,023
17,112
94,209
135,739
66,070
69,668
85,700
715,676
(INR Million)
2017E
2,417
260,756
263,173
3,245
439,612
26,686
732,716
901,215
326,344
574,870
60,972
5,947
231,303
94,277
23,569
19,248
94,209
140,376
70,707
69,668
90,927
732,716
10

JSW Steel
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
EV/ton
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Creditors(Days)
Working Capital (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
2010
63.9
152.5
480.0
9.5
20.2
2011
75.2
144.3
728.3
12.3
14.3
2012
66.5
121.7
738.2
7.5
23.6
2013
49.7
149.3
764.8
10.0
20.5
2014
38.6
147.7
907.5
11.0
33.3
2015E
95.5
235.2
955.3
11.0
14.7
2016E
81.6
230.3
1,022.8
11.0
17.2
2017E
79.9
236.8
1,088.7
12.0
17.6
15.3
6.4
2.0
2.1
9.7
1.0
1,454
21.5
6.3
14.5
9.2
12.2
0.7
0.6
13
55
53
16
1.8
2.5
2.4
20.2
7.0
12.5
9.6
12.0
0.7
0.6
14
67
33
48
3.4
3.1
1.3
14.7
8.0
1.3
1.4
7.9
0.8
1,280
17.8
4.3
9.1
8.8
11.8
0.8
0.7
16
61
28
50
4.3
2.9
1.6
19.7
6.5
1.3
1.3
7.8
1.0
1,055
17.0
2.9
6.6
8.4
10.5
0.8
0.7
20
52
29
43
3.5
2.2
1.7
25.3
6.6
1.1
1.3
7.2
1.1
920
17.9
1.8
4.6
10.1
12.1
0.7
0.8
15
60
45
30
2.0
2.0
1.9
10.2
4.2
1.0
1.2
6.5
1.1
895
19.0
4.3
10.3
10.0
11.7
0.7
0.8
15
60
45
30
1.6
1.9
1.9
12.0
4.2
1.0
1.2
6.7
1.1
835
18.3
3.7
8.2
8.7
10.1
0.6
0.7
15
60
45
30
1.6
1.7
1.7
12.2
4.1
0.9
81.4
6.5
1.2
771
17.5
3.4
7.6
8.6
9.8
0.6
0.8
15
60
45
30
1.6
1.6
1.6
Cash Flow Statement
(Consolidated)
Y/E March
EBITDA
Non cash exp. (income)
(Inc)/Dec in Wkg. Cap.
Tax Paid
CF from Op. Activity
(Inc)/Dec in FA + CWIP
Int. & Dividend Income
Other investing activities
CF from Inv. Activity
Dividend (incl. tax)
Interest paid
CF from Fin. Activity
(Inc)/Dec in Cash
Add: opening Balance
Closing Balance
31 January 2015
2010
40,707
-4,710
-4,594
31,404
-27,418
128
-29,323
-570
-11,485
-3,552
-1,471
5,093
3,030
2011
48,679
-2,944
-13,137
-4,264
28,334
-53,144
526
2701.4
-73,780
-2,397
-10,007
50,961
5,514
3,030
23,063
2012
61,019
-11,202
-10,622
-4,071
35,124
-40,795
636
-267
-41,407
-3,501
-11,430
6,978
695
23,063
32,510
2013
65,039
-7,379
5,888
-5,105
58,442
-56,301
533
-590
-55,044
-2,269
-15,186
-7,909
-4,511
32,510
17,969
2014
91,655
-46,566
-2,616
42,473
-56,893
858
0
-56,035
-3,107
-30,479
2,904
-10,659
17,969
7,310
2015E
102,397
-1,937
27,148
-6,714
120,894
-85,000
1,070
-7,660
-91,590
-3,390
-35,455
-30,624
-1,320
7,310
5,990
2016E
97,830
-873
229
-5,021
92,165
-45,000
645
-398
-44,753
-3,390
-37,172
-40,562
6,850
8,237
15,086
(INR Million)
2017E
100,409
-873
-3,091
-4,919
91,526
-50,000
794
-398
-49,604
-3,390
-38,421
-41,811
110
17,112
17,222
11

JSW
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