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Motilal Oswal Report
In Q4 FY24, Steel Authority of India Ltd. received a one-time revenue and Ebitda gain of Rs 17 billion related to rail price revisions for FY22. For a like-to-like comparison, we have adjusted its Q4 FY24 financials by excluding this one-time gain.
SAIL reported a revenue of Rs 262 billion (-10%/+12% YoY/QoQ), which was in line with our estimate. Average selling price for the quarter stood at Rs 57,554/tonne (-8%/-6% YoY/QoQ) versus our estimate of Rs 59,021/tonne.
Ebitda declined 40% YoY and 17% QoQ to Rs 18 billion, which was slightly below our estimate of Rs 19 billion, due to muted realization and higher costs.
Adjusted profit after tax came in at Rs 1.8 billion, which declined 85% YoY and 51% QoQ, 8% above our estimate of Rs 1.7 billion during the quarter. Saleable steel production came in at 4.7 mt (flat/+4% YoY/QoQ) versus our estimate of 4.2 mt.
Sales volume was 4.6 mt (-3%/+20% YoY/QoQ), 3% above our estimate of 4.4mt.
All five major plants of SAIL reported net profit, while the alloy steel plants, VISP and Salem, reported operating losses during Q4 FY24 and FY24.
SAIL received a one-time revenue and Ebitda gain of Rs 17.5 billion and Rs 17.0 billion in Q2 and Q4 FY24, respectively, related to rail price revisions.
For a like-to-like comparison, we have adjusted the same during Q2 / Q4 FY24 and FY24 financials by excluding this one-time gain.
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