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SAIL : Revenue in line with our estimate but EBITDA/tonne below our estimate

News: For Q2FY22, for standalone operations SAIL reported topline of Rs.26827 crore (up 59% YoY, 30% QoQ), broadly in line with our estimate of Rs.26563 crore. Standalone EBITDA for the quarter was at Rs.7017 crore, up 269% YoY, 7% QoQ (our estimate of Rs.7650 crore). Furthermore, during the quarter EBITDA margin was up 1493 bps YoY but down 564 bps QoQ and at 26.2% compared to our estimate of 28.8% (11.2% in Q2FY21 and 31.8% in Q1FY22). Ensuing standalone net profit for the quarter was at | 4304 crore, up 12% QoQ (our estimate of Rs.4677 crore).

Views: SAIL reported a mixed set of numbers for Q2FY22, wherein topline came in line with our estimate while EBITDA/tonne, EBITDA and PAT came in below our estimate. For Q2FY22, SAIL reported sales volume of 4.28 million tonne (MT), up 2% YoY, 29% QoQ, in line with our estimate of 4.30 MT. For the quarter, SAIL reported EBITDA/tonne at Rs.16395/tonne compared to our estimate of Rs.18000/tonne (Q1FY22 EBITDA/tonne was at Rs.19728/tonne ).