Steel Authority of India Ltd

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Steel Authority of India Ltd

₹ 143 1.89%
30 Sep 11:38 a.m.
sail.co.in BSE: 500113 NSE: SAIL
About

Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the countrys Central Public Sector Enterprises. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products.(Source : Company Web-Site)

Key Points

Modernisation and Expansion plan
The company is one of the largest steelmakers in India, with a total crude steel and saleable steel capacity of 19.63 million tonnes per annum and 18.54 million tonnes per annum, respectively, as on 31 March 2022. [1]
As on FY22, the utilisation was 88% and 92% for crude steel and saleable steel[2]

SAIL expects to incur a capex of INR60,000 million- INR80,000 million in FY23. The company’s future capex would be funded by debt and internal accruals in a 50:50 ratio. [1]

Website BSE NSE
  • Market Cap ₹ 59,108 Cr.
  • Current Price ₹ 143
  • High / Low ₹ 176 / 81.8
  • Stock P/E 16.7
  • Book Value ₹ 131
  • Dividend Yield 1.37 %
  • ROCE 7.93 %
  • ROE 6.14 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 1.09 times its book value
  • Company has been maintaining a healthy dividend payout of 31.0%

Cons

  • Company has a low return on equity of 11.3% over last 3 years.
  • Contingent liabilities of Rs.39,213 Cr.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Steel Industry: Steel - Large

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
20,642 26,827 25,246 30,758 24,029 26,246 25,042 29,131 24,358 29,714 23,345 27,958 23,998
14,079 19,810 21,835 26,427 21,728 25,514 22,965 26,217 22,710 25,845 21,205 24,483 21,778
Operating Profit 6,564 7,017 3,410 4,331 2,301 733 2,077 2,914 1,647 3,869 2,140 3,475 2,219
OPM % 32% 26% 14% 14% 10% 3% 8% 10% 7% 13% 9% 12% 9%
110 231 -115 463 305 441 419 447 442 -241 255 -149 -112
Interest 503 439 316 440 374 506 640 517 613 605 614 642 691
Depreciation 1,026 1,056 1,049 1,144 1,194 1,183 1,221 1,364 1,275 1,326 1,321 1,356 1,402
Profit before tax 5,145 5,753 1,931 3,210 1,038 -516 635 1,480 202 1,696 461 1,329 14
Tax % 25% 25% 25% 25% 25% -25% 27% 29% 26% 27% 28% 24% 25%
3,850 4,304 1,443 2,418 776 -386 464 1,049 150 1,241 331 1,011 11
EPS in Rs 9.32 10.42 3.49 5.85 1.88 -0.93 1.12 2.54 0.36 3.00 0.80 2.45 0.03
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
44,376 46,567 45,660 38,746 44,452 57,558 66,967 61,661 69,110 103,473 104,447 105,375 105,015
39,977 43,744 40,986 41,578 44,366 52,868 57,188 51,414 56,344 82,129 96,425 94,243 93,311
Operating Profit 4,398 2,823 4,673 -2,831 86 4,691 9,779 10,247 12,766 21,344 8,022 11,131 11,704
OPM % 10% 6% 10% -7% 0% 8% 15% 17% 18% 21% 8% 11% 11%
993 3,086 913 527 271 438 98 165 1,032 667 1,614 308 -247
Interest 748 968 1,454 2,300 2,528 2,823 3,155 3,487 2,817 1,698 2,037 2,474 2,553
Depreciation 1,403 1,717 1,773 2,402 2,680 3,065 3,385 3,755 4,102 4,274 4,963 5,277 5,405
Profit before tax 3,241 3,225 2,359 -7,008 -4,851 -759 3,338 3,171 6,879 16,039 2,637 3,688 3,500
Tax % 33% 19% 11% -43% -42% -37% 35% 36% 44% 25% 28% 26%
2,170 2,616 2,093 -4,021 -2,833 -482 2,179 2,022 3,850 12,015 1,903 2,733 2,594
EPS in Rs 5.25 6.33 5.07 -9.74 -6.86 -1.17 5.27 4.89 9.32 29.09 4.61 6.62 6.28
Dividend Payout % 38% 32% 39% 0% 0% 0% 9% 0% 30% 30% 33% 30%
Compounded Sales Growth
10 Years: 9%
5 Years: 9%
3 Years: 15%
TTM: 0%
Compounded Profit Growth
10 Years: 6%
5 Years: 6%
3 Years: -5%
TTM: 225%
Stock Price CAGR
10 Years: 7%
5 Years: 34%
3 Years: 7%
1 Year: 50%
Return on Equity
10 Years: 5%
5 Years: 10%
3 Years: 11%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 4,131 4,131 4,131 4,131 4,131 4,131 4,131 4,131 4,131 4,131 4,131 4,131
Reserves 36,894 38,536 39,374 35,065 31,879 31,583 34,021 35,647 39,364 47,887 48,009 50,000
21,597 25,281 29,898 34,980 41,396 45,409 45,170 54,127 37,677 17,284 30,773 36,315
21,781 24,217 26,140 26,389 29,363 33,388 33,364 31,462 34,831 48,709 45,099 47,395
Total Liabilities 84,402 92,165 99,542 100,564 106,768 114,511 116,685 125,366 116,002 118,011 128,012 137,841
16,777 26,771 36,169 45,925 50,285 58,612 61,359 69,019 67,600 73,657 73,524 72,408
CWIP 35,891 33,651 29,196 24,927 23,275 18,395 16,014 8,752 8,878 4,710 4,891 6,141
Investments 718 720 919 1,293 1,395 1,491 1,585 1,585 1,595 1,624 1,673 1,694
31,016 31,024 33,259 28,420 31,811 36,012 37,728 46,011 37,929 38,019 47,924 57,599
Total Assets 84,402 92,165 99,542 100,564 106,768 114,511 116,685 125,366 116,002 118,011 128,012 137,841

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,404 5,883 2,744 3,800 2,125 6,158 7,302 -651 23,396 30,964 -5,406 2,933
-5,705 -7,192 -5,160 -4,558 -5,439 -6,469 -3,756 -4,236 -3,273 -3,975 -3,234 -4,280
3,248 1,247 2,362 743 3,302 269 -3,591 5,006 -19,808 -27,398 8,587 1,354
Net Cash Flow -53 -62 -55 -16 -12 -41 -45 119 315 -409 -53 7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 36 43 26 30 24 25 24 52 43 17 19 29
Inventory Days 308 279 383 307 274 226 243 371 207 170 180 222
Days Payable 63 58 77 83 90 99 90 98 107 143 92 103
Cash Conversion Cycle 281 264 331 254 208 152 178 325 143 44 106 147
Working Capital Days 73 51 49 10 -9 -10 7 74 16 -20 29 54
ROCE % 7% 5% 5% -6% -3% 3% 8% 8% 11% 24% 6% 8%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
5.38% 4.41% 4.58% 4.22% 4.31% 4.34% 4.69% 3.82% 3.69% 4.34% 3.18% 3.01%
12.46% 10.51% 10.24% 8.79% 9.40% 10.73% 12.40% 13.63% 14.61% 15.46% 15.86% 15.72%
0.08% 0.08% 0.00% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17.09% 20.01% 20.18% 21.91% 21.29% 19.94% 17.91% 17.56% 16.70% 15.20% 15.96% 16.27%
No. of Shareholders 9,56,56412,44,83614,66,89016,71,49916,27,16716,25,63715,21,98814,99,83614,83,37115,03,77916,43,07318,42,454

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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