Iron & Steel Products company Vardhman Special Steels announced H1FY25 & Q2FY25 results Q2FY25 Financial Highlights: The volumes for the quarter stood at 59,018 tonnes (only rolled products) as against 49,034 tonnes in Q2FY24 YoY increase of 20.36%. Additionally, we have sold 2,594 MT of Billets in this quarter. Revenue from Operations stood at Rs 494.82 crore in Q2FY25, as against Rs 415.19 crore in Q2FY24, increase of 19.18% YoY mainly due to increase in sales volumes by taking some low margin orders. EBITDA (including other income) for the quarter was Rs 48.45 crore as against Rs 36.75 crore in Q2FY24, increase of 31.84% mainly due to decline in manufacturing costs, benefiting from greater economies of scale and improved operational efficiencies. EBITDA per Ton for the quarter was Rs 8,209 (On rolled sales quantity). Q2FY25 PAT stood at Rs 25.82 crore as against PAT of Rs 18.46 crore in Q2FY24, increase of 39.88%. EPS for the quarter stood at Rs 3.17 vs Rs 2.27 in Q2FY24. H1FY25 Financial Highlights: The volumes for the half year stood at 1,09,316 tonnes as against 96,469 tonnes in H1FY24 YoY increase of 13.32%. Additionally, we have sold 2,594 MT of billets. Revenue from Operations stood at Rs 909.60 crore in H1FY25, as against Rs 824.55 crore in H1FY24, an increase of 10.31% YoY, mainly on account of higher sales volumes. EBITDA (including other income) for H1FY25 was Rs 96.48 crore as against Rs 73.22 crore in H1FY24, an increase of 31.78% mainly due to decline in manufacturing costs, benefiting from greater economies of scale and improved operational efficiencies. EBITDA per Ton for H1FY25 was Rs 8,826 (on sales of rolled product only). H1FY25 PAT stood at Rs 51.90 crore as against PAT of Rs 37.03 crore in H1FY24, increase of 40.16% mainly due to increase in revenue and EBITDA. EPS for H1FY25 stood at Rs 6.37 vs Rs 4.56 in H1FY24. Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels, said: “Q2FY25 witnessed a reasonable performance by the Company despite challenges, with a total revenue of Rs 494.82 crore, EBITDA of Rs 48.45 crore, and PAT of Rs 25.82 crore. Overall revenue from operations increased by 19.18% YoY. This period saw highest ever quarterly sales volume of rolled products with a growth of 20.36% over Q2FY24, driven by strong sales push, leading to higher topline. At the same time, despite a volatility in steel prices in the quarter under discussion, we were able to maintain our EBITDA per ton at Rs 8,209 per ton, on rolled sales quantity, within the targeted range. On the balance sheet front, the short term borrowings have increased, marginally, on account of increase in the working capital requirements on the back higher volumes sales, but debt/equity is well within the stated target. A key highlight this quarter is that we successfully tested production over the enhanced capacity of 2,85,000 TPA of billet production, which marks a significant milestone. This development not only provides for additional capacity, but enables us to take care of the incremental future opportunities. Looking ahead, we will continue to focus on further strengthening our operational efficiencies, expanding capacity, and driving sustainable and profitable Business with minimum carbon footprint. Thank you for your continued trust and support.” Result PDF
Iron & Steel products company Vardhman Special Steels announced Q1FY25 results: The volumes for the quarter stood at 50,298 tonnes as against 47,435 tonnes in Q1FY24 – YoY increase of 6.04%. Revenue from Operations stood at Rs 414.78 crore in Q1FY25, as against Rs 409.36 crore in Q1FY24, increase of 1.32% YoY. A decline in sales prices impacted revenue realizations during this quarter. EBITDA (including other income) for the quarter was Rs 48.04 crore as against Rs 36.47 crore in Q1FY24, increase of 31.71%. Lower raw material costs, coupled with changes in scrap mix and our switch to piped natural gas from cascade system, together offset the rise in employee costs and other expenses in job work from outside, thereby benefiting margins. EBITDA per Ton for the quarter was Rs 9,550, up 24.2% YoY. Q1FY25 PAT stood at Rs 26.08 crore as against PAT of Rs 18.57 crore in Q1FY24, increase of 40.43%. EPS for the quarter stood at Rs 3.20 vs Rs 2.29 in Q1FY24. Commenting on the result, Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels said, “During the first quarter, we reported revenue from operations at Rs 414.78 crores, a year-on-year growth of 1.3%. EBIDTA and PAT for the quarter grew 31.71% and 40.43% to Rs 48.04 crores and Rs 26.08 crores, respectively. Our EBIDTA per ton during the quarter was Rs 9,550. While our volumes grew over 6% year-on-year, drop in sales prices impacted revenue realizations. However, changes in the scrap mix, along with our switching over to piped natural gas, from cascade system, all helped in improving efficiencies. We remain committed to our goal of expanding our capacity of billet production to 2,85,000 TPA by FY26. At the same time, rolling mill upgradation, which is underway, shall be able to consume this quantity of billets.” Result PDF
Iron & Steel products company Vardhman Special Steels announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: The volumes for the quarter stood at 52,118 tonnes as against 50,511 tonnes in Q4FY23 – YoY increase of 3.18%. Revenue from Operations stood at Rs 439.41 crore in Q4FY24, as against Rs 422.04 crore in Q4FY23, increase of 4.12% YoY. EBITDA (including other income) for the quarter was Rs 57.54 crore as against Rs 29.67 crore in Q4FY23, increase of 93.93% mainly due to increase in higher sales volume by 3.12% resulting in higher revenue by 4.12%. EBITDA per Ton for the quarter was Rs 11,041. Q4FY24 PAT stood at Rs 32.79 crore as against PAT of Rs 13.68 crore in Q4FY23, increase of 139.69%. EPS for the quarter stood at Rs 4.02 vs Rs 1.66 in Q4FY23. FY24 Financial Highlights: The volumes stood at 1,95,024 tonnes as against 2,00,095 tonnes in FY23 – YoY decrease of 2.53% mainly due to two shutdowns for about 15 days each taken in Rolling Mill during the year. Revenue from Operations stood at Rs 1,661.36 crore in FY24, as against Rs 1,734.99 crore in FY23, a decrease of 4.24% YoY, mainly on account of lower sales volumes coupled with decline in prices. EBITDA (including other income) for FY24 was Rs 172.26 crore as against Rs 180.08 crore in FY23, a decrease of 4.34% mainly due to decrease in revenue. EBITDA per Ton for FY24 was Rs 8,833. FY24 PAT stood at Rs 91.63 crore as against PAT of Rs 100.45 crore in FY23, decrease of 8.78%. EPS for FY24 stood at Rs 11.26 vs Rs 12.35 in FY23. 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 Ltd. said, “During the current quarter, we achieved total revenue of Rs 439.41 crore with EBIDTA of Rs 57.54 crore and PAT of Rs 32.79 crore. In this quarter, our EBIDTA per ton was Rs 11,041. The results are in line with our last communication that Q4 performance will be better than Q3 and that of 2nd half performance will be better than 1st half performance. This performance has helped us to partially recover the drop-in profits in the first half making the full year profitability close to previous year. This quarter is significant for the fact that we could test our stated production capacity of 2,60,000 TPA of Billet production. We are now striving to take this capacity of Billet Production to 2,85,000 TPA by FY26." Result PDF
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