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ICICI Securities Report
Steel Authority Of India Ltd.'s management announced a higher capex run rate with the onset of a new volume expansion program.
Disparity in long product prices and government contracts vis-a-vis flat product prices is starting to show in muted quarterly realisation performance for the company and will only accentuate going forward.
Employee costs are expected to be maintained YoY for FY21E.
Capex has been guided up to Rs 80 billion provided execution happens.
Significant deleveraging can happen if the steel prices sustain, yet headwinds seen to be building up on portfolio, costs, expansion capex.
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