Iron and steel products company Usha Martin announced Q1FY24 results: Revenue from operations increased by 7.3% YoY to Rs 814.4 crore in Q1FY24. Q1FY24 operating EBITDA stood at Rs 145.7 crore as against Rs 117.3 crore, higher by 24.2% on a YoY basis. During Q1FY24, the operating EBITDA margin was recorded at 17.9%, reflecting an increase from 15.5% in Q1FY23. Considering other Income, the EBITDA margins for Q1FY24 stood at 18.3%, compared to 16.4% in Q1FY23. In Q1FY24, the PBT amounted to Rs 129.1 crore, registering a 25.0% YoY increase from Rs 103.3 crore. In Q1FY24, the PAT amounted to Rs 100.8 crore, registering a 22.5% YoY increase from Rs 82.2 crore. Basic EPS stood at Rs 3.31 as against Rs 2.69 YoY. Commenting on the performance Tapas Gangopadhyay, Non-Executive Director, Usha Martin, said, “We are delighted to report a strong YoY growth in EBITDA and profitability for Q1FY24. During the quarter, our operating EBITDA increased by 24.2%, with EBITDA margins showing a notable YoY increase of 2.4 pps to 17.9%. This significant margin performance is attributed to our strong focus on value-added products and the expansion of our international operations, which contributed 56% to our Q1FY24 revenue. Our engagement with international customers for high-end wire ropes remained robust, underscoring the criticality of these products in various end-user industries. We have full confidence in the capabilities of our R&D; team to develop suitable solutions, collaborating continuously with our customers. Our capex initiatives are progressing smoothly. The increased capacities will predominantly cater to a diverse array of critical applications and value-added products, including mining ropes, non-rotating ropes, compacted ropes, and plasticated ropes. Our wave expansion at Ranchi is on-track and is expected to be completed by the end of Q3, supporting our revenue growth endeavors. Moving forward, Usha Martin is focused on consolidating its position as one of the world's largest providers of specialty wire rope, while actively pursuing market share expansion. With six decades of invaluable experience in the industry, we are poised to leverage our expertise to offer unparalleled solutions. Through continuous investments in R&D; and modernization, we are committed to providing cutting-edge solutions that cater to the evolving needs of our esteemed customers worldwide. Our vision is to strengthen our foothold in the industry and set new benchmarks for innovation and customer satisfaction." Result PDF
Iron & Steel Products company Usha Martin announced Q4FY23 & FY23 results: Q4FY23 vs Q4FY22: Revenue from operations were up by 11.6% YoY to Rs 855.2 crore Operating EBITDA stood at Rs 154.0 crore as against Rs 106.7 crore, increasing 44.3% on a YoY basis Operating EBITDA margin for the quarter was 18.0% vs. 13.9% YoY EBITDA margins including other income stood at 19.3% in Q4FY23 as against 14.7% in Q4FY22 PAT stood at Rs 105.3 crore as against Rs 108.7 crore, down by 3.1 % on a YoY basis Basic EPS stood at Rs 3.46 as against Rs 3.57 FY23 vs FY22: Revenue from Operations were up by 21.6% YoY to Rs 3,267.8 crore Operating EBITDA stood at Rs 513.3 crore as against Rs 383.7 crore, increasing 33.8% on a YoY basis Operating EBITDA margin for the period was 15.7% vs. 14.3% YoY EBITDA margins including other income stood at 16.6% in FY23 as against 15.6% in FY22 PAT stood at Rs 350.6 crore as against Rs 291.4 crore, up by 20.3% on a YoY basis Basic EPS stood at Rs 11.51 as against Rs 9.56 Commenting on the performance, Tapas Gangopadhyay, Director said: “We have ended the year on a strong note, delivering healthy revenue and operating EBITDA growth of 22% and 34%, respectively, during FY23. Our international operations, which made up 55% of our FY23 revenue, registered an exceptional 34% year-on-year increase in revenue. The Company not only made substantial progress in growing its international presence but also made significant strides in other strategic initiatives, including increasing its value-added offerings, expanding its global distribution network, diversifying its product portfolio and modernizing its facilities. The ongoing strategic focus on expanding our presence across diverse critical applications and value-added solution-based offerings largely enabled us to achieve an operating EBITDA margin of 18% during Q4FY23. We are also pleased to report that the Company has made notable progress in the modernization and expansion programme of its production facilities at Ranchi, with a specific focus on value-added products such as mining ropes, non-rotating ropes, compacted ropes and plasticated ropes. Looking ahead, we believe that Usha Martin has all the elements in place to capitalize on the increasing demand for its products, both in international and domestic markets. Our robust in-house manufacturing and R&D; capabilities, strong brand recognition, diverse product portfolio, expansive global network and healthy balance sheet continue to position us well for growth. We are confident in our ability to leverage these strengths and remain committed to delivering value to our customers and stakeholders." Result PDF
Iron & steel product firm Usha Martin announced Q3FY23 results: Consolidated Q3FY23 vs Q3FY22: Revenue from operations up by 17.1% YoY to Rs 833.6 crore EBITDA stood at Rs 131.4 crore, as against Rs 109.3 crore, increasing 20.2% on a YoY basis EBITDA margin for the quarter was 15.8% PAT stood at Rs 84.1 crore, as against Rs 67.1 crore, up by 25.3% on a YoY basis Basic EPS stood at Rs 2.76, as against Rs 2.20 Consolidated 9MFY23 vs 9MFY22: Revenue from operations up by 25.6% YoY to Rs 2,412.5 crore EBITDA stood at Rs 376.1 crore, as against Rs 306.0 crore, increasing 22.9% on a YoY basis EBITDA margin for the period was 15.6% PAT stood at Rs 245.3 crore, as against Rs 182.7 crore, up by 34.2% on a YoY basis Basic EPS stood at Rs 8.05, as against Rs 5.99 Commenting on the performance, Devadip Bhowmik, Whole Time Director, said, “We are pleased to report strong results for the period under review, with a 26% increase in revenues and a 34% increase in PAT in 9MFY23, despite the challenging external environment. Our performance was supported by stable demand in India and a growing presence in new sectors in international markets. The company's effective management of margins during a period of volatility of raw material prices, a continued focus on optimizing the product portfolio and increased solution sales in the international market supported profitability during the quarter. We remain confident that Usha Martin’s expanding presence across diverse critical applications and value-added solution-based offerings will sustain its growth momentum. Going ahead, the company aspires to further expand its international penetration and increase its market share in global markets, which is a key growth driver for us. Overall, we are excited by the substantial progress made by the company in recent years, having significantly strengthened the financial and operational position. With our strong in-house manufacturing and R&D; capabilities, globally recognized brand, extensive product portfolio, worldwide network and other inherent strengths, we are well-positioned to embark on a new phase of growth going forward.” Result PDF