Steel volumes, that had remained soft since the onset of monsoon during Q2 FY23, recovering only slightly in the next three months, may substantially improve during Q4. The last quarter of the fiscal is a seasonally strong quarter for steel sales. As domestic volumes improve, export volumes also may see some recovery. The export ban on various steel products was lifted during November.
“For steel companies under our coverage, we expect revenues to grow sequentially on account of higher sales volumes and rise in HRC (Hot Rolled Coil) prices led by the opening of the Chinese economy," said analysts at Axis Securities.
Data collected by Mint also indicates brokerages expect revenues for steel companies to grow 7.2% sequentially during March quarter. Earnings before interest, tax, depreciation and amortization (Ebitda) is expected to grow 15% sequentially, helped by sequential price improvement and benefits of lower inputs costs starting to accrue after clearance of high-cost raw material inventory.
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