Steel Authority of India Ltd

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Steel Authority of India Ltd

₹ 165 0.18%
25 Apr - close price
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 ₹ 68,133 Cr.
  • Current Price ₹ 165
  • High / Low ₹ 167 / 80.4
  • Stock P/E 20.2
  • Book Value ₹ 136
  • Dividend Yield 0.91 %
  • ROCE 5.89 %
  • ROE 3.57 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 28.6%
  • Debtor days have improved from 26.3 to 18.8 days.

Cons

  • Company has a low return on equity of 12.6% over last 3 years.
  • Contingent liabilities of Rs.43,765 Cr.

* 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
19,836 23,285 20,643 26,828 25,247 30,759 24,029 26,246 25,042 29,131 24,359 29,712 23,349
14,755 17,131 14,075 19,794 21,845 26,421 21,727 25,511 22,964 26,206 22,710 25,837 21,206
Operating Profit 5,080 6,154 6,568 7,034 3,402 4,338 2,302 735 2,079 2,924 1,649 3,875 2,142
OPM % 26% 26% 32% 26% 13% 14% 10% 3% 8% 10% 7% 13% 9%
386 205 173 256 -31 525 314 512 509 519 527 -174 355
Interest 670 540 503 439 316 440 374 506 640 517 613 605 614
Depreciation 981 1,158 1,026 1,056 1,049 1,144 1,194 1,183 1,221 1,365 1,275 1,327 1,321
Profit before tax 3,815 4,661 5,212 5,795 2,006 3,279 1,047 -443 726 1,562 288 1,770 563
Tax % 62% 26% 25% 25% 24% 24% 23% 26% 25% 26% 26% 26% 25%
1,468 3,470 3,897 4,339 1,529 2,479 804 -329 542 1,159 212 1,306 423
EPS in Rs 3.55 8.40 9.44 10.50 3.70 6.00 1.95 -0.80 1.31 2.81 0.51 3.16 1.02
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
46,601 44,891 46,804 46,032 38,793 44,210 57,496 66,973 61,664 69,114 103,477 104,448 106,550
40,432 39,982 42,646 41,217 41,628 44,094 52,788 57,167 51,400 56,337 82,114 96,410 95,960
Operating Profit 6,169 4,910 4,157 4,815 -2,834 115 4,708 9,807 10,264 12,776 21,363 8,038 10,591
OPM % 13% 11% 9% 10% -7% 0% 8% 15% 17% 18% 21% 8% 10%
1,884 923 2,071 892 425 378 654 283 280 1,349 902 1,856 1,228
Interest 1,085 846 1,047 1,555 2,300 2,528 2,823 3,155 3,487 2,817 1,698 2,037 2,349
Depreciation 1,686 1,527 1,836 1,907 2,404 2,682 3,066 3,385 3,756 4,103 4,275 4,964 5,287
Profit before tax 5,282 3,460 3,346 2,245 -7,114 -4,716 -527 3,549 3,302 7,206 16,292 2,892 4,182
Tax % 32% 33% 21% 14% 41% 42% 47% 34% 36% 42% 25% 25%
3,594 2,329 2,652 1,939 -4,176 -2,756 -281 2,349 2,121 4,148 12,243 2,177 3,100
EPS in Rs 8.70 5.64 6.42 4.93 -10.11 -6.67 -0.68 5.69 5.13 10.04 29.64 5.27 7.50
Dividend Payout % 23% 35% 31% 41% 0% 0% 0% 9% 0% 28% 30% 28%
Compounded Sales Growth
10 Years: 9%
5 Years: 13%
3 Years: 19%
TTM: 0%
Compounded Profit Growth
10 Years: -2%
5 Years: 59%
3 Years: -10%
TTM: 3%
Stock Price CAGR
10 Years: 9%
5 Years: 24%
3 Years: 18%
1 Year: 102%
Return on Equity
10 Years: 5%
5 Years: 11%
3 Years: 13%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
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 4,131
Reserves 36,147 37,514 39,154 39,641 36,021 32,912 32,816 35,516 37,380 41,276 50,081 50,616 51,889
17,405 22,539 26,020 32,146 35,141 41,396 45,409 45,170 54,127 37,677 17,284 30,773 30,714
20,986 22,506 24,767 26,932 26,234 29,405 33,339 33,385 31,560 35,007 48,885 45,262 42,874
Total Liabilities 78,669 86,689 94,072 102,849 101,527 107,843 115,694 118,201 127,198 118,090 120,381 130,782 129,608
18,796 18,384 28,175 39,011 45,942 50,300 58,625 61,374 69,034 67,618 73,677 73,543 72,317
CWIP 28,328 36,161 33,958 29,328 24,927 23,275 18,395 16,014 8,753 8,881 4,710 4,891 5,539
Investments 69 73 91 61 2,280 2,475 2,629 2,975 3,240 3,442 3,757 4,185 4,418
31,477 32,071 31,847 34,450 28,377 31,792 36,044 37,838 46,170 38,149 38,237 48,163 47,334
Total Assets 78,669 86,689 94,072 102,849 101,527 107,843 115,694 118,201 127,198 118,090 120,381 130,782 129,608

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,668 2,823 6,313 2,579 4,043 2,160 6,164 7,215 -618 23,430 30,987 -5,290
-7,670 -8,317 -7,488 -6,292 -4,805 -5,467 -6,480 -3,694 -4,261 -3,295 -3,976 -3,371
-5,084 3,009 1,017 3,775 743 3,302 269 -3,549 5,003 -19,808 -27,398 8,587
Net Cash Flow -11,087 -2,485 -158 63 -20 -5 -47 -28 125 328 -387 -74

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 38 37 43 26 30 24 25 25 52 43 17 19
Inventory Days 206 299 272 370 308 274 199 243 370 207 170 180
Days Payable 49 63 56 77 82 90 87 89 97 107 143 92
Cash Conversion Cycle 195 273 259 319 255 209 137 179 325 144 44 107
Working Capital Days 58 76 50 48 10 -8 -10 7 75 16 -19 29
ROCE % 11% 7% 5% 5% -6% -2% 3% 9% 8% 11% 24% 6%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 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%
5.01% 5.38% 4.41% 4.58% 4.22% 4.31% 4.34% 4.69% 3.82% 3.69% 4.34% 3.18%
15.56% 12.46% 10.51% 10.24% 8.79% 9.40% 10.73% 12.40% 13.63% 14.61% 15.46% 15.86%
0.08% 0.08% 0.08% 0.00% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
14.36% 17.09% 20.01% 20.18% 21.91% 21.29% 19.94% 17.91% 17.56% 16.70% 15.20% 15.96%
No. of Shareholders 7,13,8769,56,56412,44,83614,66,89016,71,49916,27,16716,25,63715,21,98814,99,83614,83,37115,03,77916,43,073

* 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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