SAIL Q1FY14: Team Microsec Research

SAIL Ltd announced its Q1FY14e results on 14^thAugust, 2013.

The company arrived at net sales of INR10106.12 crore, which was down by 5.02% and 16.91% on YoY and QoQ basis. The EBITDA for the quarter was INR967.26 crore, which was down by 36.17% on YoY basis, but up marginally by 4.7% on QoQ basis. The company posted net profit excluding the exceptional item of INR538.79 crore, which was down by 43.48% on YoY basis, but up by 25.3% on QoQ basis.

Particulars	Actual	Consensus	Var (%)
Net Sales	10106.12	10745.00	-5.95%
EBITDA	967.26	911	6.18%
PAT	538.79	338	59.41%
EPS	1.30	0.84	55.29%

SAIL Ltd Q1FY14 Standalone Results
Particulars	Q1FY14A	Q1FY13A	Q4FY13A	YoY(%)	QoQ(%)
Net Sales	10106.12	10640.73	12162.49	-5.02%	-16.91%
Other Operating Income	161.79	136.77	167.93
Total Operating Income	10267.91	10777.5	12330.42
Total Expenditure	9300.65	9262.22	11406.56
EBITDA	967.26	1515.28	923.86	-36.17%	4.70%
EBITDA Margin (%)	9.42%	14.06%	7.49%	(486)bps	193bps
Other Income	226.17	278.45	208.95
Operating Profit	1193.43	1793.73	1132.81
Depreciation	392.85	401.83	193.62
PBIT	800.58	1391.9	939.19
Interest	191.82	124.88	214.59
Exceptional Items	-87.88	-256.94	16.49
PBT	520.88	1010.08	741.09
Tax	69.97	313.67	294.56
PAT	450.91	696.41	446.53	-35.25%	0.98%
PAT Margin (%)	4.39%	6.46%	3.62%	(207)bps	77bps
PAT excluding non-recurring item	538.79	953.35	430.04	-43.48%	25.3%
PAT Margin (%)	5.2%	8.8%	3.5%	(360)bps	170bps
Equity Capital	4130.53	4130.53	4130.53
Face Value	10	10	10
No. of Outstanding shares	413.05	413.05	413.05
EPS	1.09	1.69	1.08	-35.25%	0.98%
EPS excluding non-recurring item	1.30	2.31	1.04	-43.48%	25.29%
Source: Company Data, Microsec Research. All data in INR crores unless specified.

Regards,

Team Microsec Research

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