IDBI Capital: SAIL’s Profitability Weaker Than Expected In Q2, Net Debt Falls
An employee directs a colleague, top right, moving rolls of steel with a crane at the Steel Authority of India Ltd. (SAIL) Rourkela Steel Plant (RSP) in , Odisha, India (Photographer Dhiraj Singh/Bloomberg)

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.

Click on the attachment to read the full report:

IDBI Capital SAIL Q2FY21 Result Update.pdf


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