However, domestic sales slowdown in recent years and continued inability to scale up margins and improve weak RoCEs in the international business have adversely affected GCPL's pace of earnings growth.
VIL’s weak cash position with outstanding cash and equivalents of Rs 26.6 bn in FY20 and EBITDA of Rs 58.1 bn would be insufficient to service the estimated cash requirement of ~ Rs 135 bn for FY21/22E.
We expect JSTL to sail through these uncertain times due to Covid-19 given its ability to export higher volumes. We expect lower iron ore and coking coal prices in FY21 to partly offset decline in steel realisations.
Prices of paddy (down 9% y-o-y) and soyabean (flat y-o-y) have remained firm (relatively); thus, the sowing of these crops is likely to continue at similar levels in the upcoming kharif season, particularly in the southern re