- 11 Aug 2022
- ICICIdirect Research
SAIL REPORTS MIXED BAG PERFORMANCE FOR Q1FY23
SAIL - 122 Change: -0.62 (-0.50 %)News: For Q1FY23, for standalone operations SAIL reported topline of Rs24029 crore (up 16% YoY, however down 22% QoQ), broadly in line with our estimate of Rs 24638 crore. Standalone EBITDA for the quarter stood at Rs2301 crore, down 65% YoY and 47% QoQ (our estimate of Rs 1916 crore). EBITDA margin for the quarter stood at Rs 9.6% as compared to our estimate of 7.8%. Ensuing standalone net profit for the quarter stood at Rs 776 crore, down 21% QoQ (our estimate of Rs 592 crore).
View: Steel Authority of India’s (SAIL) reported mixed set of numbers for Q1FY23, wherein topline came in line with our estimate, while EBITDA and PAT came in higher than our estimate. For Q1FY23, SAIL reported sales volume of 3.15 million tonne (MT), down 5% YoY and 33% QoQ, lower than our estimate of 3.65 MT. For the quarter, SAIL reported EBITDA/tonne was at Rs7304/tonne as compared to our estimate of Rs5250/tonne (Q1FY22 EBITDA/tonne stood at Rs19728/tonne and Q4FY22 EBITDA/tonne of Rs9196/tonne).
Impact: Neutral.