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
View:
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).
ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.I-Sec is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990.. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The information mentioned herein above is only for consumption by the client and such material should not be redistributed.
The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction