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SAIL
For 3QFY2011, SAIL reported top-line of `11,143cr in line with our estimate of
`10,825cr. While sales volume grew 10.5% yoy to 3.25mn tonnes, realisation increased 4%
yoy to `34,287/tonne. On the operating front, EBITDA margins contracted by 1,047bp to
16.1%, (lower than our estimate of 17.3%), as raw material costs increased by 33.7% yoy to
`15,695/tonne. Raw material costs increased due to higher coking coal price, which had a
negative impact of `1,093cr during the quarter. Consequently, EBITDA declined by 30.4%
yoy to `1,796cr. Net profit also fell 33.9% yoy to `1,107 (lower than our estimate of
`1,200cr). The stock is currently under review.
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