Iron & Steel Products company Shankara Building Products announced H1FY25 results Financial Highlights: Resilient performance, despite a tough macro environment. Revenue momentum continues - topline at Rs 2,620, +15% YoY in H1FY25. Stronghold in steel business - being India's largest Steel Tube marketplace. Steel volume growth at +25% YoY in H1FY25. Non-steel revenue growth at +35% YoY in H1FY25. EBITDA +11% YoY during H1FY25 to Rs 79 crore, despite softening of steel prices; margin at 3.01%. Finance cost reduced sequentially in Q2FY25, with reduction in borrowings (~100 crore in Q2FY25). PAT stood at Rs 31 crore in H1FY25 - to improve with further reduction in finance cost by FY25. Superior RoCE of ~28% generated by marketplace business; consolidated RoCE at 16%. Working capital days continues to be around 30 days. Operational Highlights: Company on track to open 10 new fulfillment centers in FY25 (4 already opened in H1FY25). Inaugurated 18,000 Sq. ft. experience center in Morbi for Fotia in Sep-24 (link) - set up as strategic.hub for expanding footprint pan India & also for tile exports in the coming years. West and Central regions grew in excess of 50% YoY, contributing 18% of overall revenues in H1FY25. Company has received approval from SEBI for demerger - NCLT proceedings under way. Sukumar Srinivas, Managing Director, Shankara Building Products Ltd, said: "I am glad to announce another quarter of resilient performance. Despite macro slowdown in demand & softened steel prices, our steel volumes grew by 25%, while our non-steel revenue were up 35% in H1FY25. This consistent growth is a testament to Shankara being India's largest marketplace for steel tubes, sanitary ware & fittings, strong distribution tie-ups & consistent endeavor in expanding our steel as well as non- steel portfolio. With strong footprint in South, we are now aggressively expanding in Western & Central region. We are also excited to have inaugurated our experience centre for Fotia in Morbi, Gujarat, offering an extensive collection of innovative tile designs and sizes. This would serve as a strategic hub and aid us in our journey to expanding our footprint pan India.Our plans to demerge our building materials marketplace continues to be on track, with NCLT proceedings underway. This move shall streamline our business structure and facilitate a focused capital allocation strategy." Result PDF