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ICICI Securities Report
Steel Authority of India Ltd. reported lower than expected Ebitda at Rs 61.5 billion.
Even after adjusting for wage revision provision (long due) from April 01, 2020, Ebitda falls short of estimates. This also leads to increase in employee costs estimates for FY22/23E.
Full year FY21 dividend also falls short of expectations at Rs 2.8/share.
The investment thesis continues to face the dual headwinds of:
- higher employee costs and
- possibility of higher capex.
Coupled with peak spreads and most of the deleveraging expectations in the price, the investment thesis looks clouded.
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