FINANCIAL

ANALYSIS OF SAIL

A little bit of SAIL in

Everybody’s life
 INDEX
S.NO PARTICULARS
1. ABSTRACT
2. INTRODUCTION
3. SCOPE
4. OBJECTIVE
5. METHODOLOGY
6. SAIL AT A GLANCE
7. VISSION, MISSION
AND OBJECTIVES
8. SWOT ANALYSIS
9. FINANCIAL ANALYSIS
10. CONCLUSION
11. LITERATURE REVIEW
12. REFERENCES
 1. ABSTRACT

This study is being done to do a financial analysis of SAIL using the

financial highlights of SAIL of a period of the last 10 years and making a
decision whether to invest in SAIL’s shares or not.
The methodologies been used are Comparative studies of Balance sheet
and the Profit and Loss account and the trends and ratio analysis for
doing the financial analysis.
The conclusion that we arrived to was that it will be profitable to invest in
SAIL’s shares in the long term.
 2. INTRODUCTION

Steel Authority of India Limited (SAIL) is the leading steel-making

company in India. It is a fully integrated iron and steel maker, producing
both basic and special steels for domestic construction, engineering, power,
railway, automotive and defence industries and for sale in export markets
Ranked amongst the top ten public sector companies in India in terms of
turnover, SAIL manufactures and sells a broad range of steel products,
including hot and cold rolled sheets and coils, galvanized sheets, electrical
sheets, structural, railway products, plates, bars and rods, stainless steel
and other alloy steels. 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,
including the Company's iron ore, limestone and dolomite mines. The
company has the distinction of being India’s largest producer of iron ore
and of having the country’s second largest mines network. This gives SAIL
a competitive edge in terms of captive availability of iron ore, limestone,
and dolomite which are inputs for steel making.
SAIL's wide range of long and flat steel products is much in demand in the
domestic as well as the international market. This vital responsibility is
carried out by SAIL's own Central Marketing Organization (CMO) and the
International Trade Division. CMO encompasses a wide network of 34
branch offices and 54 stockyards located in major cities and towns
throughout India.
SAIL has a well-equipped Research and Development Centre for Iron and
Steel (RDCIS) at Ranchi which helps to produce quality steel and develop
new technologies for the steel industry. Besides, SAIL has its own in-house
Centre for Engineering and Technology (CET), Management Training
Institute (MTI) and Safety Organization at Ranchi. Our captive mines are
under the control of the Raw Materials Division in Kolkata. The
Environment Management Division and Growth Division of SAIL operate
from their headquarters in Kolkata. Almost all our plants and major units
are ISO Certified.
 3. SCOPE

This research project involves the financial analysis of SAIL and through
this project we tend to see if there is a point in investing in SAIL. For that
we have made the use of the company’s annual report confined to the last
10 years from where we have made various calculations and analysed.
Financial ratios which have further helped us in determination of the
same.
The analysis of the cash flow statement and other statements has also
been done for proper analysis.

4. OBJECTIVE

The objective of this research project is to find out whether it is

reasonable to invest in SAIL’s shares, would it be a win win situation if it
is done that way. We also aspire to find if there is some scope of good
returns from the company. Are the ratios in our favour of study?
We also wish to calculate various ratios and various statements. The
calculations and the analysis is done on the basis of the financial annual
report of the company and various other methodology that is totally
related to the company.
 5. METHODOLOGY

Sources Of Data Collection

For the success of the present study data was collected mainly from
secondary sources like annual reports of SAIL the FY 2010-11 to FY 2016-17,
news letter, magazines and journals of the company.
Period of study:
The data for a period of 10 years till 2016-17 has been taken into
consideration to assess the financial strength and weaknesses of the
company.
Tools used for data analysis:
The last 7-8 years annual report of the company is compiled and tabulated
for the purpose of study. The techniques used are :
 Comparative study of Balance sheet
 Comparative study of Profit and loss account for the FY 2016-17&
2017-18.
 Trend Analysis- A trend analysis is a method of analysis that allows
traders to predict what will happen with a stock in the future. Trend
analysis is based on historical data about the stock's
performance given the overall trends of the market and particular
indicators within the market.
 Ratio Analysis- Ratio Analysis is a form of Financial Statement
Analysis that is used to obtain a quick indication of a firm’s financial
performance in several key areas. The ratios are categorized as
Short-term Solvency Ratios, Debt Management Ratios, Asset
Management Ratios, Profitability Ratios, and Market Value Ratios.
 WACC- The weighted average cost of capital is the rate that a
company is expected to pay on average to all its security holders to
finance
 its assets. The WACC is commonly referred to as the firm’s cost of
capital.
 Importantly, it is dictated by the external market and not by
management.
 6. SAIL AT A GLANCE

1.1. SHARE HOLDING PATTERN IN

SAIL:

1%
1%
4% 4%
4%

11% GOVT INDIA

FINAN INST
BANKS
MUTUAL FUNDS
FOREIGN PORTFOLIO INVESTORS
COMPANIES
75%
INDIVIDUALS
1.2. PLANTS AND UNITS
BHILAI STEEL PLANT:
Seven - time winner of Prime Minister's Trophy for best Integrated Steel
Plant in the country, Bhilai Steel Plant (BSP) is India's sole producer of rails
and heavy steel plates and major producer of structural. The plant is the
sole supplier of the country's longest rail tracks of 260 meters. With an
annual production capacity of 3.153 MT of saleable steel, the plant also
specializes in other products such as wire rods and merchant products.
Since BSP is accredited with ISO 9001:2000 Quality Management System
Standard, all saleable products of Bhilai Steel Plant come under the ISO
umbrella.

PRODUCT-MIX TONNES/ANNUM
Semis 5,33,000
Rail & Heavy Structural 7,50,000
Merchant Products 5,00,000
(Angles, Channels, Round & TMT
bars)
Wire Rods (TMT, Plain & Ribbed) 4,20,000

Plates (up to 3600 mm wide) 9,50,000

Total Saleable steel 31,53,000

Location:
Forty kms. West of Raipur, the capital city of Chhattisgarh, along the
Howrah-Mumbai railway line and the Great-Eastern highway stands Bhilai
Steel Plant (BSP).
BOKARO STEEL PLANT - A PARTNER IN NATION
BUILDING
Bokaro Steel Plant - the fourth integrated plant in the Public Sector -
started taking shape in 1965 in collaboration with the Soviet Union. It was
originally incorporated as a limited company on 29th January 1964, and was
later merged with SAIL, first as a subsidiary and then as a unit, through the
Public Sector Iron & Steel Companies (Restructuring & Miscellaneous
Provisions) Act 1978. The construction work started on 6th April 1968.
The Plant is hailed as the country’s first Swadeshi steel plant, built with
maximum indigenous content in terms of equipment, material and know-
how. Its first Blast Furnace started on 2nd October 1972 and the first phase
of 1.7 MT ingots steel was completed on 26th February 1978 with the
commissioning of the third Blast Furnace. All units of 4 MT stage have
already been commissioned and the 90s' modernization has further
upgraded this to 4.5 MT of liquid steel.
Bokaro is designed to produce flat products like Hot Rolled Coils, Hot
Rolled Plates, Hot Rolled Sheets, Cold Rolled Coils, Cold Rolled Sheets, Tin
Mill Black Plates (TMBP) and Galvanized Plain and Corrugated (GP/GC)
Sheets. Bokaro has provided a strong raw material base for a variety of
modern engineering industries including automobile, pipe and tube, LPG
cylinder, barrel and drum producing industries.

Directions:
Bokaro Steel is working towards becoming a one-stop-shop for world-class
flat steel in India. The modernization plans are aimed at increasing the
liquid steel production capacity, coupled with fresh rolling and coating
facilities. The new facilities will be capable of producing the most premium
grades required by the most discerning customer segments.
Brand Bokaro will signify assured quality and delivery, offering value for
money to the customers.
DURGAPUR STEEL PLANT:
Set up in the late 50's with an initial annual capacity of one million tonnes
of crude steel per year, the capacity of Durgapur Steel Plant (DSP) was later
expanded to 1.6 million tonnes in the 70's. A massive modernization
programme was undertaken in the plant in early 90's, which, while bringing
numerous technological developments in the plant, enhanced the capacity
of the plant to 2.088 million tonnes of hot metal, 1.8 million tonnes crude
steel and 1.586 million tonnes saleable steel. The entire plant is covered
under ISO 9001: 2000 quality management system.
The modernized DSP now has state-of –the-art technology for quality steel
making. The modernized units have brought about improved productivity,
substantial improvement in energy conservation and better quality
products. DSP’s Steel Making complex and the entire mills zone,
comprising its Blooming & Billet Mill, Merchant Mill, Skelp Mill, Section
Mill and Wheel & Axle Plant, are covered under ISO: 9002 quality assurance
certification.

PRODUCT-MIX TONNES/ANNUM
Merchant Products 2,80,000
Structural 2,07,000
Scalp 1,80,000
Wheels & Axles 58,000
Semis 8,61,000
Total Saleable steel 15,86,000

Location:
Situated at a distance of 158 km from Calcutta, its geographical location is
defined as 230 27' North and 880 29' East. It is situated on the banks of the
Damodar River. The Grand Trunk Road and the main Calcutta-Delhi
railway line pass through Durgapur.

ROURKELA STEEL PLANT

Rourkela Steel Plant (RSP), the first integrated steel plant in the Public
Sector in India, was set up with German collaboration with an installed
capacity of 1 million tones. Subsequently, the capacity was enhanced to 1.9
million tones.
The plant was modernized in the mid 1990s with a number of new units
with state-of -the-art facilities. Most of the old units have also been
revamped for effecting substantial improvement in the quality of products,
reducing the cost and ensuring cleaner environment.
RSP was the first plant in India to incorporate LD technology of steel
making. It is also the first steel plant in SAIL and the only one presently
where 100% of the slabs rolled are produced through the cost effective and
quality centered continuous casting route. RSP is the only plant in SAIL to
produce silicon steels for the power sector, high quality pipes for the oil and
gas sector and tin plates for the packaging industry. Almost all major units
of the plant are covered under ISO: 9002 certification, while its Silicon Steel
Mill and Sintering Plant II have been awarded ISO: 14001 certification for
Environment Management.
The present capacity of the Plant is 2 million tones of Hot Metal, 1.9 million
tons of Crude Steel and 1.671 million tones of Saleable Steel. Its wide and
sophisticated product range includes various flat, tubular and coated
products.

PRODUCT-MIX TONNES/ANNUM
Plate Mill Plates 2,99,000
HR Plates 92,500
HR Coils 3,98,000
ERW Pipes 75,000
SW Pipes 55,000
CR Sheets & Coils 4,33,000
 Galvanized Sheets (GP& GC) 1,60,000
Electrolytic Tin-Plates 85,000
Silicon Steel Sheets 73,500
Total Saleable Steel 16,71,000

Location
Rourkela Steel Plant is located in the north-western tip of Orissa and at the
heart of a rich mineral belt. Being situated on the Howrah-Mumbai
mainline, Rourkela is very well connected with most of the important cities
of India. The nearby airports are Ranchi (173 km), Bhubaneswar (378 km)
and Kolkata (413KM). Rourkela also has an Airstrip maintained by Rourkela
Steel Plant.

IISCO STEEL PLANT (ISP)

IISCO Steel Plant (ISP), an integrated steel plant in Burnpur, has the
capacity to produce 4.26 lacstonesof saleable steel and 2.54 lacstones of pig
iron annually. ISP, the erstwhile Indian Iron & Steel Company (IISCO),
which was a 100% subsidiary of Steel Authority of India Limited (SAIL), has
been amalgamated with the parent company with effect from 16 February
2006.
ISP produces a large number of steel structural and special sections as well
as pig iron. The plant pioneered the production of centre –sill Z-section
used in the fabrication of wagon and Z-type sheet piling section used in
construction of barrages, bridge foundations and other projects and colliery
arch section used for roof support in collieries. The plant has also developed
‘slit rolling’ for small diameter rounds (10 mm and 12 TMT), which are in
high demand in the domestic market.
The plant is set to undergo modernization-cum-capacity expansion though
which its hot metal production capacity will be raised to 2.5 MT by 2011-12.
ISP is accredited with ISO 9001:2000 QMS for its Heavy Structural Mill and
Merchant & Rod Mill. It has also been awarded ISO 14001:2004 EMS for its
entire Rolling Mill Complex.
Location:
ISP is situated at Burnpur near Asansol in the Burdwan district of West
Bengal.

Facilities at Burnpur
Coke Oven
Two coke oven batteries each of height 4.5 m and capacity 18.6 t of dry
coal

Blast Furnace
Two blast furnaces each of useful volume 1170 cu m

Steel Melting Shop

1 Twin Hearth Furnace of 2×110 t capacity

Rolling Mills
32 Soaking Pits;
Blooming Mill capacity 0.9 Mtpa
Billet Mill capacity 0.8 Mtpa
Heavy Structural Mill capacity 0.25 Mtpa
Light Structural Mill capacity 0.12 Mtpa
Merchant & Rod Mill capacity 0.15 Mtpa

Other Facilities
Pollution Control:
All environmental parameters like SPM, SOX, NOX, water testing are
regularly undertaken to meet the Pollution Control Board norms. The
department is equipped with latest testing facilities.

Computer Services:
Computerized Integrated Maintenance and Materials Management System
(IMMMS) based on CA-Open Ingres RDBMS under HP-UX.
A Sun Solaris network running Oracle RDBMS in Finance department.
Email and internet facilities

Education:
ISP runs 3 Higher Secondary, 1 Secondary and 4 Primary schools providing
subsidized education to more than 7000 students. Besides, 1 co-
educational English medium CBSE school with 2000+ students is
supported by the company.

Health Care:
A 500-bedded Central Hospital with facilities like modern OT, ICU, ICCU,
Dialysis unit, Dental, isolation ward, blood bank, physiotherapy. Besides,
there are Clinics in all townships and Occupational Health Centre in the
plants.

ALLOY STEEL PLANT:

The pioneer in the production of alloy and special steels. Alloy Steels Plant
(ASP), Durgapur was commissioned with an initial capacity of 1, 00,000
tones of ingot steel and 60,000 tones of saleable steel. Through two phases
of expansion and modernization, the capacity has been revised to 2.46 lacs
tones of liquid steel and 1.78 lacs tones of saleable steel.
Recipient of ISO-9001 (2000) certification for the entire plant, ASP is
equipped with state-of-the-art technology for producing world-class
quality alloy and special steels. The plant has one slab-cum-twin bloom
continuous casting machine, the only one of its kind in India. It is specially
designed for casting special steels like Austenitic and Ferritic stainless steel
and a variety of non-stainless steels including bulletproof steel. The
continuous casting machine is equipped with a state-of-art Electro-
Magnetic Stirrer in its mould for casting Blooms.
ASP has the capacity to produce Slabs, Blooms, Bars, Plates and Forged
items of over 400 grades in a wide range of sizes.
It also produces value added items like Cold Rolling Mill rolls, Comcast
rollers, crane wheels, springs, hammers, grate bars, hot saw blade, shear
blade, bright bar, stainless steel liner plate, etc. ASP is also supplying import
substitution item components to many customers through established
conversion agents.

Location:
Alloy Steels Plant has a unit-based marketing set-up with Head Quarters at
Durgapur and regional offices at Kolkata, Mumbai, New Delhi and Chennai.
It also has field offices in different places throughout the country,
exclusively marketing the products of ASP. The Field Executives work in all
the important centers in the country to ensure prompt and effective
customer service and speedy redressal of complaints, if any.

SALEM STEEL PLANT:

Salem Steel Plant, a special steels unit of Steel Authority of India Ltd.,
pioneered the supply of wider width stainless steel sheets / coils in India.
The plant can produce Austenitic, ferritic, Martens tic and Low-nickel
stainless steel in the form of coils and sheets with an installed capacity of
70,000 tones / year of cold rolled stainless steel and 1,86,000 / year tones of
hot rolled stainless steel / carbon steel flat products. In addition, the
country's first top-of-the-line stainless steel Blanking facility with a
capacity of 3600 t / year of coin blanks and utility blanks / circles adds to
the credit of the plant.
The plant is facilitated with hot rolling mill which can roll both stainless &
carbon steels and the mill cater mainly to the input needs of stainless steel
coils for the cold rolling mills. Special grades of carbon steels other than
Structural steels are also rolled from the facility includes Weathering steels,
High strength low alloy steels etc., which are extensively used in industrial
sectors.
 6. VISION, MISSION AND
OBJECTIVES:

VISION:
To be a respected world class organization and the leader in Indian steel
business in quality, productivity, profitability and customer satisfaction.

CREDO:
 We build lasting relationships with customers based on trust and
mutual benefit.

 We uphold highest ethical standards in conduct of our business.

 We create and nurture a culture that supports flexibility, learning and

is proactive to change.

 We chart a challenging career for employees with opportunities for

advancement and rewards.

 We value the opportunity and responsibility to make a meaningful

difference in people's lives.

MISSION:
To achieve growth in business with competitive edge providing
satisfaction to the customers, employees, shareholders and community at
large.
 7. SWOT ANALYSIS- SAIL

Strengths:

 Availability of abundant iron ore

 Low labour wage rate.
 Abundance of quality manpower.
 Largest distribution network in India.
 Mature and strong R&D centre.

Weaknesses :
 Dependence on purchased coal.
 Unscientific mining.
 Low productivity.
 Manpower cost higher than its competitors.
 Higher transportation costs.
 Being a PSU, adherence to some rules slows down the decision
making procedure

Opportunities:

 Unexplored rural market.

 Growing domestic demand.
 Exports
 Consolidation.

Threats:

 China becoming the net exporter.

 Protectionism in the west.
 Dumping by competitors.
 Imposition of export levy on steel products by government of India
 8. FINANCIAL HIGHLIGHTS &
ANALYSIS OF THE
COMPANY
NOTE- The following data has been obtained from SAIL’s annual
financial report of 2016-17. Here is the link to it-
https://sail.co.in/financial-list/103
------------------- in Rs. Cr. ----------------
Yearly Results
--

Mar '17 Mar '16 Mar '15 Mar '14 Mar '13

Gross Sales 49180 43294 50627 51866 49350

EBIDTA 672 (2204) 5586 4951 5621
PBT (4851) (7008) 2359 3225 3241
PAT (2833) (4021) 2093 2616 2170
Dividends 0 0 826 834 826
Net Worth (Equity
Capital and Reserves 36009 39196 43505 42666 41025
and Surplus)
Total Loans 41396 35141 29898 25281 21597
Net Fixed Assets 50285 45926 36169 26771 16777
Capital Work in
23275 24927 29196 33651 35891
Progress
Current Assets 25676 24304 28482 26891 27616
Current Liabilities and
21486 18992 16338 15212 13012
Provisions
Working Capital 4191 5312 12145 11679 14604
 Market Price per Share
61.20 43.00 68.35 71.40 62.35
(in Rs.)

Balance sheet -------------- in Rs. Cr. --------------

-
Particulars 31st March, 2017 31st March, 2016
Equity and Liabilities

Share Capital 4130.53 4130.53

Other Equity 31878.53 35065.37
20460.77 19074.36
Non-current Financial Liabilities
Provisions 3593.94 3271.65
Other non-current liabilities 151.29 113.48
37797.86 30537.37
Current Financial Liabilities
Other Current Liabilities 5607.26 5492.96
Provisions 2914.77 2642.65
Current Tax Liabilities (net) 4.52 11.90

Total Liabilities 106539.47 100340.27

Assets
Property, Plant and Equipment 48762.03 44378.87
Capital work-in progress 23275.39 24927.22
Investment property 0.86 0.88
Intangible Assets 1522.58 1546.20
Non-Current Financial Assets 2111.42 2234.08
Deferred Tax assets (net) 4005.84 1799.80
Current tax assets (net) 235.81 278.10
Other non-current assets 1062.99 976.47

Inventories 15711.35 14679.53

Current Financial Assets 5540.10 5267.68
Other Current Assets 4299.16 4230.85

Assets classified as held for sale 11.94 20.59

Total Assets 106539.47 100340.27

Statement of Profit & Loss
Cash Flow Statement
Financial Ratios-
On the basis of information relating to Financial Results shared for the
financial year 2017-18, the major financial ratios have been worked out to
find out the company’s current financial and leverage position. The same is
being discussed as under.

Profitability ratios
EBIDTA / Gross Sales or EBITDA Margin is as a measurement of a
company's operating profitability as a percentage of its total revenue. A
higher ratio means better performance & vice-versa.

PAT reveals how much profit a company generates with the money that the
equity shareholders have invested. Since SAIL incurred Loss in the current
Year, hence the ratio is negative.

Earnings per share (EPS) is the portion of a company's profit allocated to

each outstanding share. EPS tells you how much profit the company is
making per share.
Net Profit Ratio helps in determining the operational efficiency of the
business. An increase in the ratio over the previous period shows
improvement in the operational efficiency and decline means otherwise.

Particulars Unit 31.03.2018 31.03.2017

Net Profit Ratio % (0.8) (6.5)

It indicates overall efficiency of the business. Higher the net profit ratios,
better the business. Since SAIL incurred loss in the last 2 years, hence the
ratio is in negative.

Return on Investment measures how efficiently the resources of the

business are used. ROI is a fair measure of the profitability of any concern
with the result that the performance of different industries may be
compared.
To assesses the overall performance of the enterprise between satisfactory
or not, it should be compared with its own ratios of the past ratios.
Particulars Unit 31.03.2018 31.03.2017
ROI % 8.1 1.2

Looking at the past 2 years ROI we can see the increase in ROI from 2017
to 2018 i.e the resources are being used efficiently.

Leverage ratios

This ratio indicates how much debt/borrowings a company is using to

finance its assets relative to the amount represented in shareholders'
equity.
An ideal Debt Equity ratio for a capital intensive company like SAIL is
0.5. Our D/E ratio has gone up due to cash crunch situation resulting in
increased borrowings for meeting cash requirement.

Particulars Unit 31.03.2018 31.03.2017

- Debt Equity Ratio Ratio 1.27 : 1 1.15 : 1

The number of times Earnings before Interest & Tax is able to cover a
company’s Finance cost. The Interest coverage ratio is used to
determine how easily a company can pay their interest expenses on
outstanding debt.

Particulars Unit 31.03.2018 31.03.2017

Interest Coverage Ratio
(EBIT/Total Interest) (No of times) 0.61 -0.65
Liquidity ratios
• The Current ratio measures a company's ability to pay short-term
and long-term obligations.

• Consider the total current assets of the Company relative to total

current liabilities for a particular period.

• An ideal current ratio is 1:1.

• A high current ratio can be a sign of problems in managing working

capital. When a current ratio is low and current liabilities
exceed current assets (the current ratio is below 1), the company
may have problems meeting its short-term obligations
(current liabilities).

Particulars Unit 31.03.2018 31.03.2017

- Current Ratio Times 1.23 : 1 1.20 : 1

Turnover ratios
• Inventory Turnover ratio measures how many times inventory is
"turned" or sold during a period.

• It is calculated as sales divided by average inventory.

Low Inventory TO Ratio-- High amount blocked in Inventory -- High

WC requirement -- Increase in Short term Borrowings – Increase in
Interest Cost – increase in cost of production/ sales.

Particulars Unit 31.03.2018 31.03.2017

- Inventory Turnover
Ratio (No of times) 7.63 5.01
SAIL’s debtor turnover ratio of 24 signifies that we are able to collect our
dues from the debtors in 24 days without interest. The longer a company
takes to collect its dues, the longer is the interest loss.

Particulars Unit 31.03.2018 31.03.2017

- Debtors' Turnover Ratio Days 24 22

Solvency Ratios
The objective of Proprietary Ratio is to measure the proportion of total
assets financed by proprietors’ funds. The ratio is important for creditors
as they can ascertain the portion the portion of shareholders funds in the
total assets employed in the firm and thus safety margin available to
them.
It shows financial strength of the enterprise. A high ratio means adequate
safety for creditors. But a very high ratio means improper mix of
proprietors’ funds and loan funds, which results in lower return on
investment and vice-versa with a low ratio.
Particulars Unit 31.03.2018 31.03.2017
Proprietary Fraction 0.3 0.4
Ratio

Looking at the past 2 years, there is no high change in the ratio so the
financial strength of the enterprise is in good position.
9. Conclusion

SAIL seems to be in a financially stable state and even after suffering

losses a few times in the past years due to the cyclic nature of the steel
industry, it’s certain that SAIL will start making profits as soon as
possible as the new small scale competitors that had entered the
industry upon realising the scope for profits would not be able to
survive/thrive for long. So, it’s advised to invest in their shares as
you’re sure to get dividends at least 6-7 times in every 10 years and
investing will be profitable in the long run.

10. References
 https://www.sail.co.in/
 https://sail.co.in/financial-list/103
 https://www.business-standard.com/company/s-a-i-l-
2299/financials-quaterly
 https://www.equitymaster.com/research-it/annual-results-
analysis/SAIL/SAIL-2017-18-Annual-Report-
Analysis/390/?utm_source=bottomviews&utm_medium=website&u
tm_campaign=related-articles&utm_content=articlelinks
 https://www.bloombergquint.com/quarterly-earnings/q4-results-
sail-improves-profitability-as-production-ramp-up-yields-results
 https://www.investopedia.com/articles/investing/032113/basics-
financial-analysis-report.asp
 https://www.afponline.org/ideas-
inspiration/topics/articles/Details/6-steps-to-an-effective-financial-
statement-analysis
 https://www.accountingtools.com/articles/the-essentials-of-a-
financial-analysis-report.html
 https://www.mbaskool.com/brandguide/industrial-products-and-
chemicals/4186-sail-steel-authority-of-india.html