SAIL Q2 net profit back in black at Rs 1,306 crore

Recently, Kotak Institutional Equities issued a sell rating on the stock due to raw material price pressures and set a target price of Rs 50, significantly lower than the current market price

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Steel Authority of India Ltd reported its consolidated net profit at Rs 1305.59 crore for the September quarter against a lot of Rs 329.36 crore in the same quarter last year.

Profit was hurt by an exceptional item of Rs 414.96 crore, which is provision for settlement of contractual disputes under Vivad se Vishwas Scheme – II.

Its revenue from operations for the quarter stood at Rs 29,712.07 crore, up 13.20 percent from Rs 26,246.34 crore a year ago, the company said in an exchange filing.

According to Bloomberg estimates, the consolidated net profit was expected at Rs 850 crore while revenue was at Rs 26,431.30 crore, both of which were higher than estimates.

Bhilai was its biggest revenue generating plant with Q2 revenue at Rs 10,064.20 crore, up about 45 percent YoY. Rourkela and Bokaro plant followed with revenue of Rs 7,178.89 crore and Rs 6,876.85 crore.

Recently, Kotak Institutional Equities issued a sell rating on the stock due to raw material price pressures and set a target price of Rs 50, significantly lower than the current market price. The increasing cost of coking coal, a vital steel-making fuel, is seen as a risk. Spot coking coal prices were up by almost 36 percent from the Q1FY24 average.

Reuters recently reported that the Steel Authority of India plans to increase coking coal purchases from Russia for cost savings, expecting four shipments of 75,000 tonnes each in the December quarter, according to chairman Amarendu Prakash. (More to come)

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