EBITDA in line; net debt inches up

Company
11 Mar 2024
5 Min read 
  • SAIL's 3QFY24 revenue was lower than expected due to lower sales, partially offset by higher ASP.
  •  Crude steel production and sales were in line with estimates, but sales volume was lower YoY.
  •  EBITDA and APAT were in line with estimates, with improvement in ASP and reduction in costs.
  •  SAIL's debt increased in 3QFY24 due to lower revenues and higher coal costs.
  •  SAIL plans to enhance capacity to 35mt by FY30-31E through expansion projects.
  •  Motilal Oswal reiterates a Neutral rating on SAIL with a revised TP of INR130.
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