Jindal Steel & Power
BSE SENSEX
32,014
S&P CNX
9,979
8 August 2017
1QFY18 Results Update | Sector: Metals
CMP: INR140
TP: INR194(+39%)
Buy
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In-line; JPL delivers strong operating performance
Steel margins are inching up
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.
Standalone (S/A) margins were stable:
EBITDA grew 14% YoY to INR7.5b, a
miss of 6% due to volumes. Sales grew 4% YoY to 810kt (est. of ~860kt).
There was an increase in inventory due to GST implementation. Pellet sales
declined 21% QoQ to 610kt, as exports were hurt by weak prices. EBITDA
per ton declined INR676 QoQ to INR9253, on expected line.
Jindal Power delivered strong operating performance:
EBITDA rose 23%
QoQ (157% YoY) to INR4.7b on 11pp QoQ increase in PLF to 43%. JPL
benefited from seasonally strong demand in the merchant market.
Global ventures (GV):
Oman continues to deliver strong EBITDA, which was
unchanged QoQ at USD32m. EBITDA from other GVs turned negative
because Wollongong mining was shut on contractor insolvency.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
JSP IN
915
127.8 / 2.0
159 / 63
4/39/52
1360
38.1
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
216.2
257.3
Net Sales
46.6
60.6
EBITDA
-19.1
-14.5
PAT
-20.9
-15.8
EPS (INR)
14.8
-24.2
Gr. (%)
328.5
312.3
BV/Sh (INR)
-7.9
-4.9
RoE (%)
1.0
2.0
RoCE (%)
-6.7
-8.8
P/E (x)
0.4
0.4
P/BV (x)
2019E
312.9
79.1
1.8
2.0
-112.7
313.9
0.6
4.0
69.4
0.4
Angul expansion to drive strong earnings growth; Maintain Buy
Estimate change
TP change
Rating change
Y/E March
Net Sales
Change (YoY %)
Total Expenditure
EBITDA
Interest
Depreciation
Other Income
PBT (before EO item)
Extra-ordinary Income
PBT (after EO item)
Total Tax
% Tax
Reported PAT
MI - Loss/(Profit)
Associate
Adjusted PAT
Change (YoY %)
1Q
46,962
-1.2
37,121
9,841
8,529
9,171
312
-7,548
-6,257
-13,805
-1,410
10.2
-12,395
-1,560
14
-4,564
34.5
The new blast furnace commissioned on 27 May is likely to record volume
growth in subsequent quarters. After commissioning of BOF later in the
year, we expect JSP to derive full benefit from the expansion. Over FY17-19,
we expect S/A steel volume CAGR of 32% to 5.8mt, and consolidated EBITDA
CAGR of 30% to INR79b.
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.
FY18
2QE
3QE
57,782 66,882
18.9
19.8
43,909 50,817
13,874 16,066
7,698
7,622
11,173 11,873
1
1
-4,996 -3,428
0
0
-4,996 -3,428
16
17
-0.3
-0.5
-5,012 -3,445
-23
-23
100
100
-4,889 -3,322
-34.5
-18.5
FY17
4QE
73,271
13.0
56,153
17,118
7,700
11,935
1
-2,516
0
-2,516
18
-0.7
-2,534
-23
100
-2,411
-20.4
216,243
11.1
169,631
46,613
34,240
39,490
411
-26,706
-3,723
-30,429
-5,027
16.5
-25,402
-2,524
27
-19,128
14.8
FY18E
257,300
19.0
196,715
60,584
32,026
44,603
4
-16,041
0
-16,041
-836
5.2
-15,205
-402
310
-14,493
-24.2
vs Est
1QE
(%)
56,759
5
20.9
43,176
6
13,582
0
7,670
17
11,117
-13
1
-5,204
-2
0
-5,204
-2
15
-0.3
-5,219
-19
-23
100
-5,096
-24
11.6
Quarterly Performance (Consolidated) – INR million
FY17
2Q
3Q
48,609 55,812
-3.6
21.5
40,125 43,045
8,484 12,767
8,716 8,353
9,986 10,274
7
3
-10,211 -5,856
0
0
-10,211 -5,856
-2,739 -1,306
26.8
22.3
-7,473 -4,551
-2
-458
11
18
-7,460 -4,074
317.8
-38.7
4Q
64,861
27.7
49,340
15,521
8,642
10,059
90
-3,090
2,534
-556
428
-76.9
-984
-505
-16
-3,029
-37.4
1Q
59,364
26.4
45,837
13,527
9,006
9,622
0
-5,101
0
-5,101
-887
17.4
-4,214
-334
10
-3,871
-15.2
Sanjay Jain – Research Analyst
(SanjayJain@MotilalOswal.com); +91 22 6129 1523
Dhruv Muchhal – Research Analyst
(Dhruv.Muchhal@MotilalOswal.com); +91 22 6129 1549
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Jindal Steel & Power
Exhibit 1: Standalone performance – INR m
Y/E March
1Q
Sales volume
Steel (000 tons)
Pellets (000 tons)
Net Sales
NSR (INR/t)
Change (YoY %)
EBITDA
(INR/t)
As % of Net Sales
Interest
Depreciation
Other Income
PBT (before EO item)
Extra-ordinary Income
PBT (after EO item)
Total Tax
% Tax
Reported PAT
Adjusted PAT
FY17
2Q
3Q
4Q
1Q
FY18
2QE
3QE
FY17
4QE
FY18E
vs. est
1QE
(%)
780
810
840
920
700
730
710
770
31,604 33,210 36,923 42,756
35,348 33,481 40,065 40,065
-8.5
-5.0
16.2
16.8
6,593 5,310
7,839
9,135
8,453 6,556
9,332
9,929
20.9
16.0
21.2
21.4
6,010 6,541
5,400
5,149
4,891 5,237
5,421
4,887
0
0
0
89
-4,308 -6,468 -2,982
-812
0
0
0
0
-4,308 -6,468 -2,982
-812
-1,542 -2,396 -1,117
349
35.8
37.0
37.5
-43.0
-2,766 -4,072 -1,865 -1,161
-2,766 -4,072 -1,865 -1,161
810
891 1,092
1,222
3,350
4,015
858
-6
610
730
710
700
2,910
2,750
700
36,414 39,348 47,301 52,459 144,492 175,522
37,876
-4
40,065 40,065 40,065 40,065
40,065
15.2
18.5
28.1
22.7
4.8
21.5
19.8
7,495
8,325 9,900 10,924 28,877 36,645
8,012
-6
9,253
9,344 9,066
8,939
8,620
9,127
9,338
20.6
21.2
20.9
20.8
20.0
20.9
21.2
5,323
5,202 5,100
5,151 23,099 20,776
5,200
2
4,806
5,586 6,286
6,349 20,437 23,026
5,530
-13
0
0
0
0
89
0
0
-2,634 -2,462 -1,485
-576 -14,570 -7,157
-2,718
-3
0
0
0
0
0
0
-2,634 -2,462 -1,485
-576 -14,570 -7,157
-2,718
-3
-857
0
0
0 -4,705
-857
0
32.5
0.0
0.0
0.0
32.3
12.0
0.0
-1,777 -2,462 -1,485
-576 -9,864 -6,301
-2,718
-35
-1,777 -2,462 -1,485
-576 -9,864 -6,301
-2,718
-35
Source: MOSL, Company
Exhibit 2: Subsidiaries and Associates performance – INR m
Y/E March
1Q
Sales volume (kt)
Oman Steel
Net Sales
Change (YoY %)
EBITDA
Change (YoY %)
As % of Net Sales
Jindal Power
Oman Steel
Others
Interest
Depreciation
Other Income
PBT (before EO item)
Extra-ordinary Income
PBT (after EO item)
Total Tax
% Tax
Reported PAT
Minority interest
Associate
Adjusted PAT
FY17
2Q
3Q
4Q
1Q
FY18
2QE
3QE
FY17
4QE
1,390
81,778
14.0
23,940
35.0
29.3
14,212
7,516
2,211
11,250
21,577
4
-8,883
0
-8,883
21
-0.2
-8,904
-402
310
-8,193
FY18E
vs Est
1QE
(%)
350
-3
18,883
22
22.9
5,570
8
71.5
29.5
3,286
42
1,991
5
293 -354
2,470
49
5,587
-14
1 -100
-2,485
-1
0
-2,485
-1
15
-0.6
-2,500
-3
-23 1,367
100
-2,378
-12
330
269
310
390
15,359 15,399 18,889 22,105
18.1
-0.2
33.2
55.8
3,247 3,174
4,928
6,386
5.7
-7.6
286.8
185.3
21.1
20.6
26.1
28.9
1,820 1,820
3,020
3,820
2,245
886
1,435
2,176
-817
468
474
390
2,519 2,176
2,953
3,493
4,280 4,749
4,853
5,172
312
7
3
1
-3,240 -3,744 -2,874 -2,279
-6,257
0
0
2,534
-9,497 -3,744 -2,874
256
132
-343
-189
78
-1.4
9.2
6.6
30.7
-9,629 -3,401 -2,685
177
-1,560
-2
-458
-505
14
11
18
-16
-1,798 -3,388 -2,209 -1,868
340
330
330
390
1,299
22,951 18,435 19,581 20,811 71,752
49.4
19.7
3.7
-5.9
26.3
6,032
5,549 6,165
6,194 17,735
85.7
74.8
25.1
-3.0
77.0
26.3
30.1
31.5
29.8
24.7
4,680
3,229 3,849
3,849 10,480
2,096
2,023 2,016
2,041
6,741
-744
297
301
304
514
3,683
2,496 2,522
2,549 11,140
4,816
5,587 5,587
5,587 19,054
0
1
1
1
323
-2,467 -2,533 -1,943 -1,940 -12,136
0
0
0
0 -3,723
-2,467 -2,533 -1,943 -1,940 -15,859
-30
16
17
18
-322
1.2
-0.6
-0.9
-0.9
2.0
-2,437 -2,549 -1,960 -1,958 -15,538
-334
-23
-23
-23 -2,524
10
100
100
100
27
-2,094 -2,427 -1,837 -1,836 -9,263
Source: MOSL, Company
8 August 2017
2

Jindal Steel & Power
Exhibit 3: Jindal Power performance – INR m
Y/E March
Capacity
PLF
Gross generation (MU)
Est. Power sales (MU)
Net Sales
(INR/kwh)
EBITDA
(INR/kwh)
Reported PAT
1Q
3,400
29%
2,171
1,997
6,680
3.34
1,820
0.9
-2,170
FY17
2Q
3,400
31%
2,313
2,128
7,340
3.45
1,820
0.9
-2,050
3Q
3,400
32%
2,356
2,168
8,540
3.94
3,020
1.4
-1,620
4Q
3,400
32%
2,336
2,149
8,630
4.02
3,820
1.8
-840
1Q
3,400
43%
3,186
3,014
10,790
3.58
4,680
1.6
-320
FY18
2QE
3QE
3,400
3,400
44%
47%
3,241
3,504
2,930
3,160
9,243 10,317
3.15
3.27
3,229
3,849
1.1
1.2
-1,671 -1,051
FY17
4QE
3,400
47%
3,504
3,160
10,317
3.27
3,849
1.2
-1,051
3,400
31%
9,176
8,442
31,190
3.69
10,480
1.2
-4,640
vs Est
1QE
(%)
3,400
3,400
0
46%
45%
13,587
3,338
-5
11,693
3,014
0
39,366
9,488
14
3.37
3.15 13.7
14,212
3,286
42
1.2
1.1 42.4
-6,488
-1,614
-80
Source: MOSL, Company
FY18E
Exhibit 4: Income statement
Y/E March
Net sales
Steel business (incl. CPP)
Standalone
Steel sales (kt)
Pellet sales (kt)
Oman
HBI (kt) production
Steel (kt) sales
Wollongong (GNM)
Coking coal (kt)
Others
Jindal power
Sales (Mkwh)
EBITDA
Steel business (incl. CPP)
(a) Standalone
EBITDA/t of steel
(b) Global Venture
1. Oman
EBITDA/t of HBI
2. Wollongong (GNM)
EBITDA/t of coal
3. Others
Jindal power
EBITDA (INR/kwh)
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
Adjusted PAT
Cash Profit
FY13
198,068
172,971
149,547
2,843
2,112
29,012
1,520
FY14
200,040
175,473
145,440
2,935
2,035
32,621
1,468
FY15
201,592
169,312
140,994
2,930
411
31,243
1,420
534
466
171
-3,391
32,280
8,969
54,598
37,618
37,057
12,646
561
7,235
5,096
-2,794
-3,879
16,980
1.9
27,328
27,270
25,837
2,256
3,689
6,335
32,782
FY16
194,673
164,523
137,865
3,380
962
26,439
1,509
1,050
1,065
304
-846
30,150
8,730
34,410
27,810
24,392
7,216
3,419
4,057
2,688
-196
-644
-442
6,600
0.8
28,194
6,216
32,808
2,200
-24,391
-16,662
4,769
FY17
216,243
185,053
144,492
3,350
2,910
30,810
1,500
1,330
2,039
240
7,713
31,190
8,442
46,613
36,133
28,877
8,620
7,255
6,139
4,093
1,141
-24
10,480
1.2
39,490
7,122
34,240
411
-26,706
-19,128
15,336
FY18E
257,300
217,934
175,522
4,015
2,750
39,220
1,500
1,410
1,672
400
1,520
39,366
11,693
60,584
46,372
36,645
9,127
9,727
7,516
5,011
835
1,376
14,212
1.2
44,603
15,981
32,026
4
-16,041
-14,493
29,274
FY19E
312,920
284,476
245,873
5,794
2,750
39,375
1,500
1,250
2,153
400
-2,925
28,444
7,595
79,086
61,791
51,134
8,826
10,656
8,410
5,607
1,145
1,101
17,295
2.3
47,662
31,424
29,102
0
2,322
1,843
49,505
FY20E
336,348
307,904
269,086
6,373
2,750
39,375
1,500
1,250
2,368
400
-2,925
28,444
7,595
83,305
66,246
55,769
8,751
10,477
8,336
5,557
1,260
881
17,059
2.2
49,194
34,110
27,917
0
6,194
5,075
54,269
-5,588
25,097
7,411
65,685
47,773
45,126
15,872
2,647
4,903
3,226
-2,588
24,568
7,568
57,764
40,941
37,420
12,747
3,522
3,404
2,318
-2,256
17,912
2.4
15,392
50,293
7,582
1,364
44,076
34,842
50,235
117
16,823
2.2
18,292
39,472
15,008
656
25,120
19,104
37,396
Source: MOSL, Company
8 August 2017
3

Jindal Steel & Power
Exhibit 5: Target price calculation
Year
Steel Business
A. EBITDA
B. Target EV/EBITDA(x)
C. EV (AxB)
Jindal Power (JPL)
D. PV of JPL's FCFF
Consolidated
EBITDA
E. Enterprise Value (C+D)
F. Net Debt
G. CWIP
H. Discount on CWIP (%)
Equity Value (E-F+G*(1-H%))
Target price (INR/share)
FY15
37,618
FY16
27,810
FY17
36,133
6.5
234,861
169,736
54,598
443,617
90,728
34,410
463,928
118,266
46,613
404,597
454,896
97,162
FY18E
46,372
6.5
301,418
168,382
60,584
469,801
467,669
52,162
FY19E
61,791
6.5
401,640
164,728
79,086
566,368
406,276
17,162
FY20E
66,246
6.5
430,600
160,964
83,305
591,564
375,617
12,162
54,293 177,254 228,109
59
194
249
Source: MOSL, Company
8 August 2017
4

Jindal Steel & Power
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
Tax
Rate (%)
Reported PAT
Minority interests
Preference dividend
Share of Associates
Adjusted PAT
Change (%)
Balance Sheet (Consolidated)
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
Goodwill & Revaluation
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans & advances and others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Current Assets
Appl. of Funds
E: MOSL Estimates
2015
201,592
0.8
146,994
54,598
27.1
27,328
27,270
25,837
2,256
3,689
-19,116
-15,428
-882
5.7
-14,546
-1,738
26
6,335
-66.8
2015
915
209,506
210,421
8,573
455,007
20,185
694,185
612,235
151,286
460,949
90,728
5,485
17,852
180,353
48,487
16,907
11,391
103,568
61,181
38,391
22,790
119,172
694,185
2016
194,673
-3.4
160,263
34,410
17.7
28,194
6,216
32,808
2,200
-24,391
-2,358
-26,750
-6,763
25.3
-19,987
-980
0
-14
-16,662
-363.0
2016
915
180,556
181,471
8,003
470,132
13,477
673,082
627,116
178,233
448,883
118,266
5,485
3,577
159,182
32,360
14,292
6,204
106,326
62,310
42,186
20,124
96,872
673,082
2017
216,243
11.1
169,631
46,613
21.6
39,490
7,122
34,240
411
-26,706
-3,723
-30,429
-5,027
16.5
-25,402
-2,524
0
27
-19,128
14.8
2017
915
299,590
300,505
6,467
459,672
53,586
820,231
871,374
217,723
653,651
97,162
5,670
3,677
145,820
35,993
17,166
4,776
87,885
85,748
29,378
56,370
60,072
820,231
2018E
257,300
19.0
196,715
60,584
23.5
44,603
15,981
32,026
4
-16,041
0
-16,041
-836
5.2
-15,205
-402
0
310
-14,493
-24.2
2018E
915
284,787
285,702
6,065
467,672
53,586
813,026
946,374
250,326
696,048
52,162
-6,330
3,677
152,037
43,001
21,148
3
87,885
84,567
28,197
56,370
67,470
813,026
2019E
312,920
19.0
233,834
79,086
25.3
47,662
31,424
29,102
0
0
2,322
0
2,322
824
5.2
1,498
57
0
402
1,843
-24.2
2019E
915
286,228
287,143
6,122
427,672
53,592
774,529
961,374
285,988
675,386
17,162
-18,330
3,677
187,297
52,296
25,719
21,396
87,885
90,663
34,293
56,370
96,635
774,529
(INR Million)
2020E
336,348
19.0
253,043
83,305
24.8
49,194
34,110
27,917
0
0
6,194
0
6,194
1,461
5.2
4,733
60
0
402
5,075
-24.2
(INR Million)
2020E
915
290,901
291,816
6,182
387,672
53,597
739,267
986,374
323,182
663,192
12,162
-30,330
3,677
183,797
56,212
27,645
12,056
87,885
93,230
36,860
56,370
90,567
739,267
8 August 2017
5

Jindal Steel & Power
Financials and Valuations
Ratios (Consolidated)
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 (%)
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Payable (Days)
Work.Cap.Turnover (Days)
Growth (%)
Sales
EBITDA
PAT
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
E: MOSt Estimates
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
Acquisition in subsidiaries
Int. & Dividend Income
Other investing activities
CF from Inv. Activity
Debt raised/(repaid)
Dividend (incl. tax)
Interest paid
CF from Fin. Activity
(Inc)/Dec in Cash
Add: opening Balance
Closing Balance
E: MOSL Estimates
2015
6.9
14.0
230.0
1.6
27.0
20.2
10.0
0.6
2.8
10.5
1.1
27.1
3.1
2.9
4.5
5.5
0.4
0.3
87.8
30.6
69.5
53.5
0.8
-5.5
-66.8
2.9
1.1
2.1
2016
(18.2)
9.0
198.4
0.0
0.0
(7.7)
15.6
0.7
3.0
17.2
0.0
17.7
(8.6)
(8.5)
1.2
1.1
0.3
0.3
60.7
26.8
79.1
46.6
-3.4
-37.0
-363.0
2.6
0.2
2.6
2017
(20.9)
15.4
328.5
0.0
0.0
(6.7)
9.1
0.4
2.7
12.5
0.0
21.6
(8.8)
(7.9)
1.0
1.1
0.3
0.3
60.8
29.0
49.6
25.6
11.1
35.5
14.8
1.7
0.2
1.5
2018E
(15.8)
32.1
312.3
0.0
0.0
(8.8)
4.3
0.4
2.3
9.8
0.0
23.5
(5.6)
(4.9)
2.0
2.2
0.3
0.3
61.0
30.0
40.0
26.2
19.0
30.0
-24.2
1.8
0.5
1.6
2019E
2.0
53.7
313.9
0.0
0.0
69.4
2.6
0.4
1.7
6.8
0.0
25.3
0.6
0.6
4.0
4.2
0.5
0.4
61.0
30.0
40.0
14.4
19.0
30.5
-112.7
2.1
1.1
1.4
2020E
5.5
58.9
319.0
0.0
0.0
25.2
2.4
0.4
1.5
6.0
0.0
24.8
1.5
1.8
4.6
4.6
0.5
0.4
61.0
30.0
40.0
14.4
19.0
5.3
175.4
2.0
1.2
1.3
(INR Million)
2020E
83,305
-3,273
-1,455
78,576
-20,000
0
0
-20,000
-40,000
0
-27,917
-67,917
-9,341
21,396
12,056
2015
54,598
-21,600
-18,154
-3,393
11,451
-50,964
367
1,003
-2,341
-65,365
90,704
-1,448
-34,381
55,151
1,238
10,153
11,391
2016
34,410
-4,581
11,762
-170
41,422
-39,500
1,052
2,292
1,699
-19,889
9,230
-8
-35,941
-26,719
-5,187
11,391
6,204
2017
46,613
-3,723
35,372
78,261
-35,406
0
411
-34,994
-10,459
0
-34,240
-44,699
-1,432
6,204
4,772
2018E
60,584
-12,171
836
49,249
-30,000
0
4
-29,996
8,000
0
-32,026
-24,026
-4,773
4,776
3
2019E
79,086
-7,772
-819
70,496
-20,000
40,000
0
20,000
-40,000
0
-29,102
-69,102
21,393
3
21,396
8 August 2017
6

Jindal Steel & Power
Corporate profile
Company description
Jindal Steel & Power (JSP) has steel-making capacity of
3mtpa at Raigarh, 1.5mtpa at Angul and 2mtpa at
Shadeed Oman. Its assets are spread over various
mineral-rich countries. JSPL has captive iron ore mines.
JSP has set up 3400MW power asset in at coal pit head in
Chhattisgarh. It also has multiple coal resources
overseas, mainly in Mozambique, South Africa, Australia
and Indonesia.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
41.6
17.7
20.6
20.2
Mar-17
41.6
16.9
20.5
20.9
Jun-16
41.5
17.5
20.7
20.4
Source: Capitaline
Exhibit 3: Top holders
Holder Name
JFE STEEL INTERNATIONAL EUROPE B.V.
GAGANDEEP CREDIT CAPITAL PVT LTD
LOTUS GLOBAL INVESTMENTS LTD
APMS INVESTMENT FUND LTD
THE INDIAMAN FUND (MAURITIUS) LIMITED.
% Holding
15.0
1.9
1.7
1.5
1.3
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Naveen Jindal
Savitri Jindal
Murli Manohar Purohit
Ravi Uppal
Designation
Chairman
Chairman Emeritus
Company Secretary
Managing Director &
Group CEO
Exhibit 5: Directors
Name
Shallu Jindal
Arun Kumar
R V Shahi
Deepak Sood
Rajeev Bhaduaria
Name
Arun K Purwar
Hardip Singh wirk
S K Garg
Dinesh Kumar Saraogi
Anjan Barua
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Lodha & Co
Ramanath Iyer & Co
RSMV & Co
Type
Statutory
Cost Auditor
Secretarial Audit
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
MOSL
forecast
-16.1
-2.5
Consensus
forecast
-21.0
-2.9
Variation (%)
-23.4
-12.2
Source: Bloomberg
Source: Capitaline
8 August 2017
7

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Jindal Steel & Power
Disclosure of Interest Statement
Analyst ownership of the stock
Jindal Steel & Power
No
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8 August 2017
8