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SAIL Q1FY19 Concall KTA's


SAIL Q1 FY19 Con Call KTA | First Cut

- PM Securities | Equities Research


• Realisation

Realisation improvement (yoy) aided topline growth to an extent of Rs. 3100 crores and sales mix improvement aided topline growth to an extent of Rs. 305 crores

Longs realization

Q1fy18 Rs 35,110

Q4fy18 Rs 41,200

Q1fy19 Rs 42,750

Flats Realization

Q1fy18 Rs 32,300

Q4fy18 Rs 41,300

Q1fy19 Rs 43,350

Net Realisation

Q1fy18 Rs 33,600

Q4fy18 Rs 43,150

Q1fy19 Rs 42,180


In july 2019 net realisation are down by ~ Rs 650 mainly on account of TMT bars, having lower realization due to construction activity slowdown in monsoon. management foresees weakness in prices for at least 2 more months and expects a price increase after the monsoon.

• Sales volume up by 8 % in the quarter, Production number up by 13% in the quarter.


• EBTIDA Margin in Q1 FY19 approx. 17%, Management has guided to touch EBITDA Margin ~21% by end of FY19.


• CAPEX plan for the year ~ Rs 4000 Crores.


• Debtors day down from 24 days to 22 days in Q1 FY19.


• FY 19 aggregate production guidance of 17 mn tons and sales guidance of 16.5 mn tons

Production numbers guidance:


Q1 FY19 – 3.61 mn tons

July 2019 – 1.17 mn tons

Q2 FY 19 – 3.8 mn tons

Q3 FY19 – 4.5 mn tons

Q4 FY19 – 4.9 mn tons


• Steel sold to Railways close to ~ 1.2 mn tons which was 8 lakh units in FY18


• Employee Cost Guidance

Employee cost to remain approx. Rs. 8,500 cores in FY 19 and ~ Rs. 9000 crores in FY 20.


• Raw material cost


Coking coal (landed basis – imported)

Q1fy19 Rs 16,250

July 2019 Rs 16000


Hard Coking Coal

Q1fy19 $197

July 2019 $173


Domestic Coal

July 2019 Rs 6,500

BCCL prime coking coal

July 2019 Rs. 8,200


PM Securities | Equities Research

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