Iron & Steel Products company Vardhman Special Steels announced Q1FY24 results: The volumes for Q1FY24 stood at 47,435 tonnes as against 52,265 tonnes in Q1FY23 – YoY decrease of 9.24%. Revenue from Operations of Rs 409.36 crore in Q1FY24, as against Rs 469.16 crore in Q1FY23, down 12.75% YoY EBITDA (including other income) for Q1FY24 is Rs 36.47 crore vs Rs 51.61 crore in Q1FY23, a decrease of 29.34% EBITDA per ton for Q1FY24 was Rs 7,688 PAT for Q1FY24 stood at Rs 18.57 crore as against PAT of Rs 30.30 crore in Q1FY23, a decrease of 38.70% EPS for Q1FY24 stood at Rs 2.29 vs Rs 3.73 in Q1FY23 Commenting on the result, Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels said, “This quarter our revenue declined by 12.75% mainly due to decline in volumes and prices as compared to last year. As mentioned in Q4FY23 earnings call, this year will be a year of consolidation for us. Our production for Aichi Steel continues to be in sync as per our stated plan and that contribution will only continue to increase each year. I would like to express my gratitude towards our dedicated employees, partners and stakeholders. We continuously strive to keep up the momentum of efforts and hard work and keep performing as per stated targets.” Result PDF
Iron & Steel Products company Vardhman Special Steels announced Q4FY23 & FY23 results: Q4FY23: The volumes for Q4FY23 stood at 50,511 tonnes as against 41,596 tonnes in Q4FY22 – YoY increase of 21.43% Revenue from Operations stood at Rs 422.04 crore in Q4FY23, as against Rs 343.35 crore in Q4FY22, registering growth of 22.92% YoY EBITDA (including other income) for Q4FY23 is Rs 29.67 as against Rs 59.56 crore in Q4FY22, a decrease of 50.19%. EBITDA per Ton for Q4FY23 was Rs 5,873. Q4FY23 PAT stood at Rs 13.68 crore as against PAT of Rs 29.19 crore in Q4FY22, decrease of 53.15% EPS for Q4FY23 stood at Rs 3.37 vs Rs 7.20 in Q4FY22 FY23: The volumes stood at 2,00,095 tonnes as against 1,73,307 tonnes in FY22, YoY increase of 15.46% Revenue from Operations stood at Rs 1,734.99 crore in FY23, as against Rs 1,368.46 crore in FY22, growth of 26.78% EBITDA (including other income) was at Rs 180.08 crore as against Rs 202.58 crore in FY22, a decrease of 11.11%. EBITDA per Ton for twelve months was Rs 9,000. FY23 PAT stood at Rs 100.45 crore as against PAT of Rs 100.75 crore in FY22, a decrease of 0.30% EPS for FY23 stood at Rs 24.76 vs Rs 24.87 in FY22 The Board has recommended a dividend of Rs 2 per share on fully paid-up equity shares, subject to approval in the Annual General Meeting Commenting on the result, Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels, said, “Q4FY23 was a difficult quarter wherein on one hand we saw good sales volume of over 50,500 tons leading to sales volume of more than 2,00,000 tons for the full year for the first time in history. On the other hand, we saw a price correction from OEMs putting pressure on realizations thereby impacting the overall EBITDA. The EBIDTA showed a bigger fall than due for the fourth quarter as this quarter reflected the price reduction of the third quarter as well. The EBITDA per ton was also impacted on account of higher prices of fuel and consumables and lower other income. Despite certain stated difficulties, we have achieved EBITDA/ton of Rs 9,000 for full year which is well within the stated range of Rs 7,000 – 10,000. This quarter has marked a breakthrough in the Company and I am happy to share that the Company has started mass production of steel for forging companies of Aichi Steel Corporation based in South East Asia for some grades for which approvals have been received. Further, we are delighted to share that we had wonderful celebrations on completion of 50 glorious years of Vardhman Group in the Steel Business. Mr. Takahiro Fujioka, President of Aichi Steel Corporation, Japan was the Chief Guest. Vardhman's entire team deserves appreciation for the tremendous work they have put in. We remain focused and committed to our strategic goals and are actively working to further improve our performance going forward. I reassure my stakeholders that we will maintain the pace of our efforts and hard work and continue to execute in line with the stated objectives.” Result PDF