For Q2FY23, SAIL reported sales volume of 4.2 Million Tonnes (MT), up 34% QoQ, however down 2% YoY, broadly in line with our estimate of 4.1 MT. Topline for the quarter stood at Rs 26246 crore, up 9% QoQ however down 2% YoY (our estimate of Rs 26831 crore). EBITDA for the quarter stood at Rs 733 crore, down 90% YoY and 68% QoQ, lower than our estimate of Rs 1316 crore. The ensuing net loss for the quarter stood at Rs 386 crore
SAIL reported muted performance for Q2FY23, wherein the company report loss at net level, due to subdued operational performance. EBITDA margin for the quarter stood at 2.8%, down 2340 bps YoY and 680 bps QoQ , lower than our estimate of 4.9% . EBITDA/tonne for the quarter stood at Rs 1740/tonne, down 89% YoY and 76% QoQ (our estimate of Rs 3250/tonne).
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