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News: For Q3FY23, SAIL reported sales volume of 4.2 million tonnes (MT), up 9% YoY but down 1% YoY, broadly in line with our estimate of 4.2 MT. Standalone topline for the quarter was at Rs 25042 crore, down 1% YoY, 5% QoQ (our estimate of Rs 26031 crore). Standalone EBITDA for the quarter was at Rs 2077 crore, down 39% YoY but up 183% QoQ, higher than our estimate of Rs 1806 crore. Ensuing standalone PAT for the quarter was at Rs 464 crore, higher than our estimate of Rs 304 crore
Views: SAIL reported a steady operational performance for Q3FY23 wherein standalone EBITDA margin and EBITDA/tonne came in higher than our estimate. Standalone EBITDA margin for the quarter was at 8.3%, down 521 bps YoY but up 550 bps QoQ , higher than our estimate of 6.9% . Standalone EBITDA/tonne for the quarter was at Rs 5003/tonne, higher than our estimate of Rs 4250/tonne
Impact: Positive