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SAIL: Riding the steel cycle

Jan 29, 2004

India's largest steel producer, Steel Authority of India Ltd. (SAIL), continued to deliver healthy quarterly numbers. The company declared its 3QFY04 numbers today, wherein its topline grew by a strong 33% on the back of strong volume sales and continuing strength seen in steel prices. This helped the company post a strong bottomline with profits of Rs 7.4 bn as compared to a loss of Rs. 787 m in the corresponding quarter last year.

(Rs m) 3QFY03 3QFY04 % Change 9mFY03 9mFY04 % Change
Net Sales 44,210 58,906 33.2% 117,483 152,147 29.5%
Other Income 507 212 -58.3% 1,705 919 -46.1%
Expenditure 39,202 46,458 18.5% 105,744 122,003 15.4%
Operating Profit (EBDIT) 5,008 12,448 148.6% 11,740 30,144 156.8%
Operating Profit Margin (%) 11.3% 21.1%   10.0% 19.8%  
Interest 3,363 2,109 -37.3% 10,393 7,141 -31.3%
Depreciation 2,940 2,885 -1.9% 8,626 8,479 -1.7%
Profit before Tax (787) 7,666   (5,575) 15,444  
Extraordinary items - - - -  
Tax - 286   (116) 466  
Profit after Tax/(Loss) (787) 7,380   (5,460) 14,978  
Net profit margin (%) -1.8% 12.5% -4.6% 9.8%  
No. of Shares 4,130 4,130   4,130 4,130  
Diluted Earnings per share*   7.1     4.8  
P/E Ratio         9.5  
(* annualised)            

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