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Prabhudas Lilladher Report
Steel Authority Of India Ltd. reported Q4 FY21 Ebitda below our estimates by 13% due to lower than expected realisations and higher costs.
Ebitda margins came at Rs 14,160/tonne (up 16% QoQ), below our estimates by 15%.
Company provided Rs 11.5 billion (our estimate: Rs 10.0 billion) for ongoing wage revision (effective from April 01,2020) in the quarter.
Adjusted for the provision related to nine-months-FY21, margins stood at Rs 16,140 (our estimate: Rs 18,375).
Chinese steel prices firmed up over last couple of weeks in wake of strong demand, declining inventories and rising input prices.
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