Conference Call with Usha Martin Management and Analysts on Q2FY25 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel Products company Usha Martin announced H1FY25 & Q2FY25 results Q2FY25 Financial Highlights: Revenue from operations increased by 13.6% to Rs 891.2 crore in Q2FY25. Strong growth in the core Wire Rope segment (up by 19.2% YoY) and the Wire & Strand segment (up by 16.2% YoY) contributed positively to the revenue while revenue from LRPC segment declined (down by 6.7% YoY). Q2FY25 Operating EBITDA stood at Rs 160.8 crore as against Rs 144.3 crore, higher by 11.4%. Operating EBITDA margin stood at 18.0% in Q2FY25 compared to 18.4% in Q2FY24. A diversified product portfolio have supported the Company's margin performance in a dynamic global environment In Q2FY25, PBT amounted to Rs 141.4 crore, a 2.1% YoY decrease from Rs 144.5 crore. PAT amounted to Rs 109.3 crore in Q2FY25 as against Rs 109.5 in Q2FY24. Basic EPS stood at Rs 3.59 for the quarter. H1FY25 Financial Highlights: Revenue from operations were up by 7.4% YoY to Rs 1,717.5 crore. Operating EBITDA stood at Rs 314.8 crore as against Rs 290.0 crore, increasing 8.6% on a YoY basis. Operating EBITDA margin for the period was 18.3% vs. 18.1% YoY. PAT stood at Rs 213.2 crore as against Rs 210.3 crore, up by 1.4% on a YoY basis. Basic EPS stood at Rs 7.01. Rajeev Jhawar, Managing Director, Usha Martin, said: “I am pleased to share that we have delivered a resilient financial performance and strong operational execution in Q2FY25. Usha Martin registered a 11.0% YoY growth in volumes and a 13.6% growth in topline, driven by a sharp recovery in domestic markets. Our focus on volume and value growth continues, and we remain confident in sustaining this momentum through the rest of the year, supported by a seasonally stronger second half. Additionally, we aim to maintain healthy EBITDA margins and bottom-line performance as we register growth in volumes and revenue. During the period, our core wire ropes division performed strongly, despite a traditionally softer quarter due to monsoon. The division recorded an impressive 18.5% growth in volumes and a 19.2% increase in revenue. With the expanded capacities, our teams across domestic and international markets are well-positioned to drive sales of high-quality wire ropes for critical applications. This should enable us to capture greater market share globally while consistently meeting clients' rigorous standards and remaining focused on delivering dependable solutions across essential sectors. As we move forward, our future capex initiatives are set to position us strongly to meet the needs of an evolving market and sustain our growth. The Company remains committed to advancing its strategic priorities, including enhancing value-added offerings, diversifying the product portfolio, modernizing plant operations and expanding global distribution and marketing efforts. With a robust portfolio and the inherent strengths of Usha Martin, we are confident in our ability to drive long-term growth and capitalize on emerging opportunities in the coming years.” Result PDF
Conference Call with Usha Martin Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel products company Usha Martin announced Q1FY25 results: Revenue from operations increased by 1.5% to Rs 826.4 crore in Q1FY25 Q1FY25 Operating EBITDA stood at Rs 154.0 crore as against Rs 145.7 crore, higher by 5.7% Operating EBITDA margin was recorded at 18.6% in Q1FY25 compared to 17.9% in Q1 FY24 EBITDA margins including other income for Q1FY25 stood at 19.2%, compared to 18.3% in Q1 FY24 In Q1FY25, PBT amounted to Rs 134.7 crore, a 4.3% YoY increase from Rs 129.1 crore PAT amounted to Rs 103.8 crore in Q1FY25 from Rs 100.8 crore, up 3.1% Basic EPS stood at Rs 3.42 for the quarter as against Rs 3.31 Commenting on the performance Rajeev Jhawar, Managing Director said, “In the backdrop of challenging macroeconomic conditions, Usha Martin commenced FY25 on a positive note, reporting revenues of ~Rs. 826 crore and achieving an operating EBITDA margin of 18.6%. Our core wire ropes division continued to perform well, contributing 72% to our overall consolidated revenues. During this quarter our primary focus was on ramping up the newly established lines for our value-added products. As we enhance utilization levels, we anticipate a stronger performance in the second half of the year. In the face of global headwinds, our strategy in our international operations remains to enhance our reach and capture market share by delivering world-class quality products and services. Our integration of international businesses with Indian operations continues to drive growth synergies, further strengthening our position. Domestically, with infrastructure projects such as bridges, ropeways, and high-speed railways, along with the expansion in tier-2 and tier-3 cities, we are optimistic about the potential of the domestic market as well. Overall, the business pipeline remains promising in both overseas and Indian markets, particularly for our high-end specialty offerings. Looking ahead, our focus remains on value-driven volume expansion to enhance our operational and financial performance. We anticipate maintaining the development momentum as we build on progress from multiple growth initiatives. With world-class capabilities and inherent strengths Usha Martin has developed over six decades, we believe we are well-positioned to create sustainable value for all stakeholders.” Result PDF
Conference Call with Usha Martin Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Iron & Steel products company Usha Martin announced Q4FY24 & FY24 results: FY24 Financial Highlights: Revenues: FY24 revenues stood at Rs 3,225.2 crore, marking a slight decrease of 1.3% compared to FY23. Operating EBITDA: Operating EBITDA went up by 16.6% YoY to Rs 598.6 crore for FY24. Profit after Tax (PAT): PAT increased by 21.0% YoY to Rs 424.1 crore for FY24. Earnings Per Share (EPS): Basic EPS for FY24 was Rs 13.92, up from Rs 11.51 in FY23. Q4FY24 Financial Highlights: Revenue from Operations: Experienced a decline of 3.1%, with revenue dropping to Rs 829.0 crore in Q4FY24 from Rs 855.2 crore in Q4 FY23. Operating EBITDA: Slightly decreased by 1.6% to Rs 151.5 crore in Q4FY24. Operating EBITDA Margin: Improved slightly from 18.0% in Q4FY23 to 18.3% in Q4FY24. Profit Before Tax (PBT): PBT declined by 4.1% to Rs 136.4 crore in Q4FY24. Profit after Tax (PAT): Marginal increase by 1.0% to Rs 106.3 crore in Q4FY24. Earnings Per Share (EPS): Q4 EPS registered at Rs 3.49, slightly up from Rs 3.46 in the same period the previous year. Operational and Strategic Highlights: Operating Cash Flow: FY24 operating cash flow before tax stood at a robust Rs 560.5 crore, compared to Rs 345.5 crore in FY23, showing a strong year-over-year improvement. Capital Expenditure: The wave-1 capex program at the Ranchi facility is progressing and is expected to commence commercial operations from Q1 FY25, with a focus on enhancing the value-added segment. Strategic Initiatives: Included enhancements in value-added offerings, deeper engagement with OEMs, and expansion of international presence. Commenting on the performance Tapas Gangopadhyay, Non-Executive Director said, “We have concluded the financial year 2024 on a positive note with our robust operating cash flows reflecting strong performance. Despite facing macro-economic challenges, the Company managed to generate an 18.6% EBITDA margin during the year. Notably, our core wire ropes division continued to perform well and contributed 71% to our overall consolidated revenues. The wave-1 capex program at our Ranchi facility is progressing well and we anticipate commercial operations to commence from Q1 FY25 onwards. These new capacities are mainly focused on enhancing the Company's value-added segment. We expect the facility to be ramped up over the next 9-12 months and to contribute meaningfully to our performance over the next two years. FY24 also saw notable advancements in our strategic initiatives, including enhancements in value-added offerings, deepening engagement with OEMs and expansion of our international presence. As we move forward, Usha Martin’s solid foundation and strategic focus position us well to drive sustained growth, enabling us to strengthen our position as a leading global player in the wire rope sector. Additionally, our healthy balance sheet gives us the flexibility to support ongoing growth initiatives. Through targeted initiatives, we aim to create lasting value for all our stakeholders, foster innovation, and expand our reach across international markets.” Result PDF