SAIL Q2 Results Review - Stronger Volumes Lead To Profitability Beat: IDBI Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..IDBI Capital Report.Steel Authority of India Ltd.’s Q2 FY24 profitability was above our and street expectation. Its sales increased by 13% YoY to Rs 297 billion led by volume growth of 13% YoY to 4.77 million tonnes. Also, profitability remained strong on a QoQ basis led by stronger realizations. Ebitda jumped by 135% QoQ to Rs 39 billion as Ebitda/tonne increased by 91% QoQ to Rs 8,111. SAIL's adjusted net profit increased over seven times QoQ to Rs 12 billion. The company targets 19 million tonnes production target for FY24 – which is optimistic in our view. We raise our FY24/FY25 Ebitda forecasts by 5%/10% given stronger than expected Ebitda reported in Q2 FY24. We continue to value the stock at an enterprise value/Ebitda multiple of three times FY25E earnings and raise our target price to Rs 83 (earlier Rs 81) but maintain our 'Sell' rating on the stock..Click on the attachment to read the full report:.Hindustan Zinc Q2 Results Review - Earnings Continue To Decline On Lower Commodity Prices: Systematix.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

SAIL Q2 Results Review - Stronger Volumes Lead To Profitability Beat: IDBI Capital

We expect SAIL’s Ebitda growth to remain muted over FY24-25

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