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SAIL: Operating loss continues... - Views on News from Equitymaster
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SAIL: Operating loss continues...
Jun 15, 2016

SAIL has announced the fourth quarter results of financial year 2015-2016 (4QFY16). While the topline declined by 1.9% YoY, the bottomline reported a loss Rs 12.3 billion during the quarter

Performance summary:
  • Income from operations declined by 1.9% YoY during 4QFY16.
  • The company has registered an operating loss of Rs 11.23 billion during this quarter.
  • Other income also declined during this quarter by 41.2% YoY.
  • Depreciation and interest accelerated during this quarter and increased by 53.6% and 43.4% respectively.
  • The company registered a net loss in 4QFY16 on the back of loss at operating level, decline in other income, and surge in interest and depreciation.
  • The company registered a net loss of Rs 41.3 billion in FY16.

    Financial snapshot (Stanalone)
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Total Income 115,906 113,716 -1.9% 457,304 390,862 -14.5%
    Total Expenses 106,766 124,951 17.0% 411,451 427,190 3.8%
    Operating profit (EBITDA) 9,139 -11,235 45,852 -36,327
    Operating profit margin (%) 7.9% -9.9% 10.0% -9.3%
    Other income 2,952 1,735 -41.2% 10,012 5,806 -42.0%
    Interest 4,269 6,121 43.4% 14,542 20,468 40.7%
    Depreciation 5,070 7,786 53.6% 17,733 20,995 18.4%
    Profit before tax & exceptional items 2,752 -23,406 23,589 -71,984
    Tax -590 -11,097 2,662 -30,612
    Net Profit 3,342 -12,309 20,927 -41,373
    Net profit margin (%) 2.9% -10.8% 4.6% -10.6%
    No. of shares (m) 4131
    Basic diluted earnings per share (Rs) ^ -10.0
    P/E ratio (x) * N.A

    * On trailing 12 month basis

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DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report.
  2. Equitymaster has financial interest in Steel Authority of India Ltd.
  3. Equitymaster's investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services.
  4. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company.
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Aug 24, 2017 03:36 PM

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