SAIL Q4 Review - Lower Employee Costs, Other Expenses Drive Ebitda Beat: ICICI Securities

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..ICICI Securities Report.Steel Authority of India Ltd. reported higher-than-expected Ebitda at ~Rs 44 billion on the back of lower-than-expected employee costs. Gross margins compressed ~ Rs 6000/tonne QoQ (Rs 7000/tonne YoY). A marginal beat in volumes (thereby helping operating leverage), significantly lower employee costs (FY22 full year impact on account of retrospective wage settlement at Rs 8.4 billion only) and surprisingly lower other expenses/tonne helped increase Ebitda/tonne by Rs 350/tonne QoQ. SAIL's net debt has reduced ~ Rs 39 billion QoQ to Rs 173 billion. We do expect net debt to move up over FY23/24E given the current capex schedule and the stress in domestic steel prices expected post 15% export duty imposition..Click on the attachment to read the full report:.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 Q4 Review - Lower Employee Costs, Other Expenses Drive Ebitda Beat: ICICI Securities

SAIL Q4 Review - Lower Employee Costs, Other Expenses Drive Ebitda Beat: ICICI Securities

Choose a plan