Company Update : SAIL Ltd By Motilal Oswal Financial Services Ltd
Revenue in line; lower-than-expected costs drive EBITDA beat
* SAIL reported in-line revenue of INR293b (+12% YoY and +20% QoQ) in 4QFY25, primarily driven by strong volume growth.
* EBITDA stood at INR34.8b (+97% YoY and +72% QoQ) against our estimate of INR28.8b. EBITDA/t stood at INR6,536 (vs. our est. of INR5,423), up 69% YoY and 43% QoQ, led by lower costs.
* Adj. PAT came in at INR12.8b (vs. our est. INR7.9b) as compared to INR1b in 3QFY25 and INR1.8b in 4QFY24.
* Crude steel production stood at 5mt (+6% YoY and +12% QoQ), while sales volume stood at 5.3mt (+17% YoY and 20% QoQ). ASP stood at INR55,000/t (- 4% YoY and flat QoQ).
* For FY25, revenue stood at INR1008b (-1% YoY), EBITDA came in at INR90b (+17% YoY) and APAT was INR13.4b (+24% YoY).
* Production volume stood at 18.2mt (flat YoY), while sales volume grew 5% YoY to 17.9mt in FY25. ASP during FY25 moderated by 6% YoY to INR56,435/t. EBITDA/t grew 12% YoY to INR5,042/t, driven by muted costs.
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