Domestic steel giant on October 29 reported an over 10-fold jump in its consolidated net profit at Rs 4,338.75 crore for Q2 of FY2021.
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The Steel Authority of India (SAIL) share price jumped over 12 percent in the morning session on November 1 after the company declared its September quarter results.
The domestic steel giant on October 29 reported an over 10-fold jump in its consolidated net profit at Rs 4,338.75 crore for the second quarter ended September 2021. SAIL had posted Rs 436.52 crore net profit in the year-ago quarter, it said in a regulatory filing.
During the July-September period, the company said, its total consolidated income also increased to Rs 27,007.02 crore, from Rs 17,097.57 crore in the corresponding quarter of the previous fiscal.
SAIL’s expenses during the quarter were at Rs 21,289 crore as against Rs 16,733.63 crore a year ago. On a standalone basis, the company posted a net profit of Rs 4,303.62 crore during the quarter. Its total standalone income rose to Rs 27,057.53 crore from Rs 17,121.22 crore in the same period last fiscal.
During the quarter, its expenses stood at Rs 21 304.64 crore, compared to Rs 16,733.29 crore in the year-ago period.
The company’s board has approved an interim dividend of Rs 4 per share for the current fiscal year, it said.
The stock was trading at Rs 129.50, up Rs 14.50, or 12.61 percent, in early hours on Monday. It has touched an intraday high of Rs 130.35 and an intraday low of Rs 122.90.
Global research firm JP Morgan has upgraded the stock to overweight and has raised target to Rs 165 from Rs 150 per share, an upside of 28 percent from current level. It is of the view that after the third quarter, costs should fall even as volumes and prices should be stable to higher in the second half.
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SAIL expects further net debt reduction from here. JP Morgan has raised FY23-24 estimates by 7-21 percent and sees upside earnings risk to estimates.
Domestic brokerage firm Kotak Institutional Equities has a buy call with target at Rs 135 per share, an upside of 4 percent from current market price. It is of the veiw that Q2 EBITDA was in line with higher volumes offsetting weaker margin. It said the company would benefit from stronger volumes in second half of FY21.
The brokerage firm believes that coking coal-led cost inflation should keep the margin under pressure, adding that the management’s guidance of becoming net cash by Q1FY23 appears elusive.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
