- Steel Authority of India Ltd reported a 44% sequential decline in Q2 net profit to Rs 419 crore
- Q2 revenue rose 3% to Rs 26,704 crore compared to Rs 25,922 crore in the previous quarter
- Earnings before interest, taxes, depreciation and amortisation fell 8.7% to Rs 2,528 crore
Steel Authority of India Ltd. (SAIL) reported a 44% sequential dip in its net profit in the second quarter of the current financial year.
The company reported a consolidated bottom line of Rs 419 crore against Rs 745 crore in the previous quarter, according to an exchange filing posted on Wednesday.
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Its revenue saw an uptick of 3% to Rs 26,704 crore compared to the last quarter's Rs 25,922 crore.
Its earnings before interest, taxes, depreciation and amortisation saw a downturn of 8.7%, arriving at Rs 2,528 crore as opposed to Rs 2,769 crore in the previous quarter.
The margin contracted to 9.5% from 10.7% from the preceding quarter.
SAILÂ Q2 Highlights (Consolidated, QoQ)
Revenue up 3% At Rs 26,704 crore versus Rs 2,5922 crore
Net Profit down 43.8% At Rs 419 Cr versus Rs 745 crore
Ebitda down 8.7% at Rs 2,528 crore versus Rs 2,769 crore
Margin At 9.5% Vs 10.7%
Shares of Steel Authority of India Ltd. (SAIL) closed 4.32% higher at Rs 236.68 apiece on the NSE, compared to a 0.45% rise in the benchmark Nifty. The stock had risen 8.89% in the last 12 months and 0.41% on a year-to-date basis.
Three analysts tracking the company, have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 23.2%.
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