IDBI Capital: SAIL’s Profitability Weaker Than Expected In Q2, Net Debt Falls
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IDBI Capital Report
Steel Authority of India Ltd.’s Q2 FY21 sales volumes at 4.2 million tonne (up 34% YoY) were slightly ahead of our forecast; however, its ebitda/tonne at Rs 4,518 was weaker than expected as realization fell 10% YoY to Rs 40,237 due to higher exports.
Its net sales grew 20% YoY to Rs 169 billion and Ebitda improved sharply by 64% YoY at Rs 19 billion led by higher volumes.
Interest cost decreased by 23% YoY to Rs 7,204 million as debt fell to Rs 482 billion by H1 FY21 from Rs 510 billion as of FY20.
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