Steel Authority of India Ltd

Steel Authority of India Ltd

₹ 154 2.67%
14 Jun - close price
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]

  • Market Cap 63,457 Cr.
  • Current Price 154
  • High / Low 176 / 81.8
  • Stock P/E 17.1
  • Book Value 138
  • Dividend Yield 0.98 %
  • ROCE 8.24 %
  • ROE 6.62 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.11 times its book value
  • Company has been maintaining a healthy dividend payout of 23.8%

Cons

  • Company has a low return on equity of 11.3% 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
23,285 20,643 26,828 25,247 30,759 24,029 26,246 25,042 29,131 24,359 29,712 23,349 27,959
17,131 14,075 19,794 21,845 26,421 21,727 25,511 22,964 26,206 22,710 25,837 21,206 24,476
Operating Profit 6,154 6,568 7,034 3,402 4,338 2,302 735 2,079 2,924 1,649 3,875 2,142 3,483
OPM % 26% 32% 26% 13% 14% 10% 3% 8% 10% 7% 13% 9% 12%
205 173 256 -31 525 314 512 509 519 527 -174 355 -43
Interest 540 503 439 316 440 374 506 640 517 613 605 614 642
Depreciation 1,158 1,026 1,056 1,049 1,144 1,194 1,183 1,221 1,365 1,275 1,327 1,321 1,356
Profit before tax 4,661 5,212 5,795 2,006 3,279 1,047 -443 726 1,562 288 1,770 563 1,441
Tax % 26% 25% 25% 24% 24% 23% 26% 25% 26% 26% 26% 25% 22%
3,470 3,897 4,339 1,529 2,479 804 -329 542 1,159 212 1,306 423 1,126
EPS in Rs 8.40 9.44 10.50 3.70 6.00 1.95 -0.80 1.31 2.81 0.51 3.16 1.02 2.73
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
44,891 46,804 46,032 38,793 44,210 57,496 66,973 61,664 69,114 103,477 104,448 105,378
39,982 42,646 41,217 41,628 44,094 52,788 57,167 51,400 56,337 82,114 96,410 94,229
Operating Profit 4,910 4,157 4,815 -2,834 115 4,708 9,807 10,264 12,776 21,363 8,038 11,149
OPM % 11% 9% 10% -7% 0% 8% 15% 17% 18% 21% 8% 11%
923 2,071 892 425 378 654 283 280 1,349 902 1,856 665
Interest 846 1,047 1,555 2,300 2,528 2,823 3,155 3,487 2,817 1,698 2,037 2,474
Depreciation 1,527 1,836 1,907 2,404 2,682 3,066 3,385 3,756 4,103 4,275 4,964 5,278
Profit before tax 3,460 3,346 2,245 -7,114 -4,716 -527 3,549 3,302 7,206 16,292 2,892 4,062
Tax % 33% 21% 14% 41% 42% 47% 34% 36% 42% 25% 25% 24%
2,329 2,652 1,939 -4,176 -2,756 -281 2,349 2,121 4,148 12,243 2,177 3,067
EPS in Rs 5.64 6.42 4.93 -10.11 -6.67 -0.68 5.69 5.13 10.04 29.64 5.27 7.42
Dividend Payout % 35% 31% 41% 0% 0% 0% 9% 0% 28% 30% 28% 13%
Compounded Sales Growth
10 Years: 8%
5 Years: 9%
3 Years: 15%
TTM: 1%
Compounded Profit Growth
10 Years: 7%
5 Years: 7%
3 Years: -4%
TTM: 90%
Stock Price CAGR
10 Years: 5%
5 Years: 26%
3 Years: 5%
1 Year: 80%
Return on Equity
10 Years: 5%
5 Years: 10%
3 Years: 11%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 37,514 39,154 39,641 36,021 32,912 32,816 35,516 37,380 41,276 50,081 50,616 52,971
22,539 26,020 32,146 35,141 41,396 45,409 45,170 54,127 37,677 17,284 30,773 36,323
22,506 24,767 26,932 26,234 29,405 33,339 33,385 31,560 35,007 48,885 45,262 47,285
Total Liabilities 86,689 94,072 102,849 101,527 107,843 115,694 118,201 127,198 118,090 120,381 130,782 140,709
18,384 28,175 39,011 45,942 50,300 58,625 61,374 69,034 67,618 73,677 73,543 72,426
CWIP 36,161 33,958 29,328 24,927 23,275 18,395 16,014 8,753 8,881 4,710 4,891 6,141
Investments 73 91 61 2,280 2,475 2,629 2,975 3,240 3,442 3,757 4,185 4,589
32,071 31,847 34,450 28,377 31,792 36,044 37,838 46,170 38,149 38,237 48,163 57,553
Total Assets 86,689 94,072 102,849 101,527 107,843 115,694 118,201 127,198 118,090 120,381 130,782 140,709

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,823 6,313 2,579 4,043 2,160 6,164 7,215 -618 23,430 30,987 -5,290 2,911
-8,317 -7,488 -6,292 -4,805 -5,467 -6,480 -3,694 -4,261 -3,295 -3,976 -3,371 -4,261
3,009 1,017 3,775 743 3,302 269 -3,549 5,003 -19,808 -27,398 8,587 1,362
Net Cash Flow -2,485 -158 63 -20 -5 -47 -28 125 328 -387 -74 12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 37 43 26 30 24 25 25 52 43 17 19 29
Inventory Days 299 272 370 308 274 199 243 370 207 170 180 220
Days Payable 63 56 77 82 90 87 89 97 107 143 92 103
Cash Conversion Cycle 273 259 319 255 209 137 179 325 144 44 107 146
Working Capital Days 76 50 48 10 -8 -10 7 75 16 -19 29 54
ROCE % 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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