Edelweisss said that Bhushan Steel in the concall to discuss Q4FY12 results highlighted:

1. Phase III expansion project is expected to get commissioned in Q3FY13. While the slab caster is expected to start in August 2012, blast furnace is expected to be commissioned by November 2012 (we assume no benefit of same in FY13). Till date, INR 110 billion has been spent on phase III implementation with additional INR 25 billion likely to be spent over the next six to nine months.

2. Volume guidance of 2.7million tonnes to2.8 million tonne in FY13 (our assumption 2.1 million tonne) with HRC production target of 1.8 million tonne. Capacity utilization at the sponge iron plant (current 55% to 60%) is also expected to improve to ~70% in FY13.

3. It may raise USD300 to 500 million in current fiscal depending upon the capital market scenario. Post the INR 7 billion rights issue in January 2012, the company plans to raise another USD300 to 500 million via QIP in the current fiscal depending upon capital market scenario.

Source - Equity Bulls

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