SAIL Q4 Review - Profitability Strong; Debt Continues To Decline: IDBI Capital
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IDBI Capital Report
Steel Authority of India Ltd.’s Q4 FY21 result was slightly ahead of our expectations; Ebitda was 4% higher than our forecast.
Its Ebitda/tonne jumped two times YoY to Rs 13,984 as blended realisation increased 22.5% YoY to Rs 52,923/tonne.
Ebitda increased 144% YoY to Rs 61.5 billion led by higher realisations and volumes.
Interest cost fell 41% YoY to Rs 5.4 billion. Its net debt fell to Rs 353 billion compared to Rs 440 billion as of December 31, 2020.
Despite the second wave of Covid-19, domestic steel prices have remained firm led by strong steel demand in global markets.
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