Steel Authority of India Limited
Q2 FY 2012 RESULTS
ANALYSIS
The
performance of SAIL in the 2nd quarter of FY 2012 has been dismal.
Net Sales stands at
Rs.10836.68 cr in Q2 FY 12 – compared to Rs.10810.94 cr in Q1 FY 12 (Up by 0.24%)
–and Rs.10602.88 cr in Q2 FY 11(Up by 2.21%).
Raw Materials
consumption stands at Rs.7384.27 cr in Q2 FY 12 –
compared to Rs.6863.76 cr(Up by 7.58%) in Q1 FY 12 and Rs.6363.68 Cr in Q2 FY
11 (Up by 16.04%)
Employees Cost stands
at Rs.1980.80 cr in Q2 FY 12- compared to Rs.2251.18 Cr in Q1 FY 12 (Down by -12%)
and Rs.1700.37 cr in Q2 FY 11 (Up by 16.49%).
Other Expenditure stands at Rs.740.28 Cr in Q2 FY 12 –
compared to Rs.778.67 cr in Q1 FY 12 (down by -4.93%) and Rs.759.67 cr in Q2 FY
11 (down by -2.55%).
Total Expenditure stands
at Rs.10046.26 cr in Q2 FY 12 – compared to Rs.9988.75cr in Q1 FY 12 (Up by 0.58%)
and Rs.9480.21 cr in Q2 FY 11 (Up by 5.97%).
Profit from Operations stands
at Rs.933.36 Cr in Q2 FY 12-compared to Rs.937.25cr in Q1 FY 12 (down by -0.42%)
and Rs.1325.96 cr in Q2 FY 11 (down by -29.61%).
Other Income stands
at Rs.490.26 cr in Q2 FY 12 – compared to Rs.463.04 cr in Q1 FY 12 (Up by 5.88%)
and Rs.375.38 cr in Q2 FY 11 (Up by 30.6%).
Interest expense stands
at Rs.200.01 cr in Q2 FY 12 – compared to Rs.170.95 cr (Up by 17%) and Rs.109.04
cr in Q2 FY 11 (Up by 83.43%).
Exceptional Items
expense stands at Rs.508.72 in Q2 FY 12.
Profit before tax has
come down to Rs.714.89 cr in Q2 FY 12 – compared to Rs.1229.34 cr in Q1 FY 12
(down by -41.9%) and Rs.1592.30 cr in Q2 FY 11 (down by -55.1%)
Tax expense
has come down to Rs.220.25 cr in Q2 FY 12 –compared to Rs.391.28 cr (down by -43.7%)
and Rs.502.29 cr in Q2 FY 11 (down by -56.15%).
Net Profit has
come down in Q2 FY 12 to Rs.494.64 cr – compared to Rs.838.06 cr in Q1 FY 12 (down
by -41%) and Rs.1090.01 cr in Q2 FY 11 (down by -54.62%)
Basic
EPS comes to Rs.1.2
in Q2 FY 12; Rs.2.03 in Q1 FY 12; and Rs.2.64 in Q2 FY 11. Based on this
performance, the annual EPS comes to Rs.6 to 7.
In
current Qtr - there has not been much improvement in Sales, while total
expenditure–specially in raw material consumption - has seen more than
proportionate rise compared to Sales. This plus the exceptional Item have
brought down profits drastically in current Qtr.
CURRENT
Market price is Rs.84.80 and the 52 week high price is Rs.189.70 while the 52 week low price
is Rs.73. current price earning ratio comes to 14.13.
SAIL has
raised steel prices from October,2011.
The next
quarter results need to be watched before investment.
ANNUAL REPORT 2011 SYNOPSIS
SAIL is implementing a mega modernization and expansion plan
currently.
Under phase-1, SAIL’as hot metal production capacity will
get expanded from present 13.8mn tones to 23.46 mn tones by 2012-13.
Presently, country’s per capita consum,ption of steel is 52
kg compared to 427 kg for china and a global average of approx.293 kg.
2010-11 turnover was Rs.47,041 cr – against Rs.43,935 cr in
previous year. (Up 7%).
Produced 12.89 MT of Saleable steel –(Up 2%).
Production of value added & special steels – 4.7 MT (Up
3%).
Cash Reserves on31st March : Rs.17,000 Cr.
Total borrowings :Rs.20,165 cr.
D:E Ratio = 0.54 : 1
CAPEX : Rs.11,280 cr (Up 6%).
Profit after Tax : Rs.4904.74 cr (6,754.37 Cr)
EPS :Rs.11.9 (Rs.16.4)
ANNOUNCEMENTS BY SAIL
03-11-2011
standalone Results for the
quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 1083668 lacs for
quarter ending on 30-SEP-2011 against Rs. 1060288 lacs for the quarter ending
on 30-SEP-2010. Net Profit / (Loss) of Rs. 49464 lacs for the quarter ending on
30-SEP-2011 against Rs. 109001 lacs for the quarter ending on 30-SEP-2010.
29-07-2011
standalone Results for the quarter
ended on 30-JUN-2011 as follows: Net Sales of Rs. 1081094 lacs for quarter
ending on 30-JUN-2011 against Rs. 902937 lacs for the quarter ending on
30-JUN-2010. Net Profit / (Loss) of Rs. 83806 lacs for the quarter ending on
30-JUN-2011 against Rs. 117665 lacs for the quarter ending on 30-JUN-2010.
29-07-2011
Ministry of Corporate Affairs has
by its order dated June 10, 2011 sanctioned the scheme of amalgamation between
Maharashtra Elektrosmelt Limited ('MEL') and Steel Authority of India Limited
('SAIL') under Sections 391 to 394 of the Companies Act, 1956 ('Scheme'). The
Scheme has become effective from July 13, 2011. Pursuant to the Scheme, the
equity shareholders of MEL will be entitled to receive shares of SAIL in the
following exchange ratio: 1 fully paid-up equity share of Rs. 10 each of SAIL
for every 1.7 fully paid-up equity share of face value of Rs. 10 each held by
the equity shareholders of MEL. In terms of Clause 4.2.4 of the Scheme, the
Board of Directors of SAIL in its meeting held on July 29, 2011 has fixed
August 08, 2011 as the 'Record Date' for determining the names of the
shareholders of MEL who will be entitled to be issued and allotted equity
shares of SAIL as per the above exchange ratio.
24-06-2011
consolidated Results for the year
ended on 31-MAR-2011 as follows: Net Sales of Rs. 4274962 lacs for year ending
on 31-MAR-2011 against Rs. 4060015 lacs for the year ending on 31-MAR-2010. Net
Profit / (Loss) of Rs. 493773 lacs for the year ending on 31-MAR-2011 against
Rs. 679077 lacs for the year ending on 31-MAR-2010.
24-06-2011
standalone Results for the year
ended on 31-MAR-2011 as follows: Net Sales of Rs. 4271871 lacs for year ending
on 31-MAR-2011 against Rs. 4055138 lacs for the year ending on 31-MAR-2010. Net
Profit / (Loss) of Rs. 490474 lacs for the year ending on 31-MAR-2011 against
Rs. 675437 lacs for the year ending on 31-MAR-2010.
RESULTS TABLE
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