Vardhman Special Steels announced Q2FY23 results: Q2FY23: The volumes for the quarter stood at 50,961 tonnes as against 43,283 tonnes in Q2 FY22 – YoY increase of 17.74% Revenue from Operations stood at Rs. 443.16 crore in Q2 FY23, as against Rs. 335.65 crore in Q2 FY22, registering growth of 32.03% YoY, mainly on account of higher sales volumes coupled with better realizations (as compared to Q2 FY22) EBITDA (including other income) for the quarter is Rs. 49.05 crore as against Rs. 48.55 crore in Q2 FY22, an increase of 1.05% EBITDA per Ton for the quarter was Rs. 9,626 Q2 FY23 PAT stood at Rs. 28.01 crore as against profit of Rs. 24.29 crore in Q2 FY22, increase of 15.31% H1FY23: The volumes stood at 1,03,225 tonnes as against 86,988 tonnes in H1 FY22, YoY increase of 18.67% Revenue from Operations stood at Rs. 912.33 crore in H1 FY23, as against Rs. 665.79 crore in H1 FY22, growth of 37.03% mainly on account of higher sales volumes coupled with better realizations EBITDA (including other income) was at Rs. 100.67 crore as against Rs. 102.25 crore in H1FY22, decrease of 1.55%, mainly on account of higher raw material prices EBITDA per Ton for the half year was Rs. 9,752 H1 FY23 Profit stood at Rs. 58.31 crore as against profit of Rs. 52.09 crore in H1 FY22, increase of 11.94% Commenting on the result, Mr Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd. said, “The Q2 FY23 performance has been in line with our expectations. While raw material prices continued to fluctuate which affected our margins, we did witness higher volumes year-on-year during this quarter and for the half year, indicating an uptick in demand. Realization per ton has also improved year-on-year as we have gradually been passing on the raw material price hike to customers. For Q2 FY23, we reported revenue from operations of Rs. 443.16 crore, growing 32.03% year-on-year. The EBITDA stood at Rs. 49.05 crore while PAT was Rs. 28.01 crore, having grown 15.31% year-on-year. In the half year ended 30th September 2022, our revenue and PAT grew 37.03% and 11.94% YoY, supported by higher volumes and realizations. I would like to express my gratitude towards the entire team of Vardhman and our customers, suppliers, Banks and the Government for their cooperation and support. We continuously strive to keep up the momentum of efforts and hard work and keep performing as per stated targets.” Result PDF
Vardhman Special Steels declares Q4FY22 result: Q4 FY22 volumes at 41,596 MT FY22 volumes at 1,73,308 MT FY22 Revenue from Operations at Rs. 1,368.46 Crore – YoY increase of 46.03% FY22 EBITDA (including other income) at Rs. 202.58 Crore – YoY increase of 74.17% FY22 PAT at Rs. 100.75 Crore – YoY increase of 127.97% EBITDA for the quarter is Rs. 14,320 per Ton EBITDA for full year is Rs. 11,689 per Ton Board recommended an increased dividend of Rs. 3.50 per equity share compared to Rs. 1.50 last year. The volumes for the quarter stood at 41,596 tonnes as against 47,828 tonnes in Q4 FY21. Revenue from Operations stood at Rs. 343.35 crore in Q4 FY22, as against Rs. 334.48 crore in Q4 FY21, registering growth of 2.65% over Q4 of last year despite lower volumes by 13.03%. mainly on account of price increases received during current year. EBITDA (including other income) for the quarter is Rs. 59.56 crore as against Rs. 54.68 crore in Q4 FY21, increase of 8.93% mainly on account of electricity duty exemption granted to the Company under industrial and business development policy 2017, amounting to Rs. 18.65 crores for the year Sept’19 to Mar’22 EBITDA for the quarter is Rs. 14,320 per Ton as against Rs. 11,433 per Ton in Q4 FY21 Q4 FY22 PAT stoodat Rs. 29.19 crore as against profit of Rs. 26.36 crore in Q4 FY21, increase of 10.74% For full year ended March 31 st, 2022: The volumes stood at 1,73,308 tonnes as against 1,50,265 tonnes in FY21 Revenue from Operations stood at Rs. 1,368.46 crore in FY22, as against Rs. 937.08 crore in FY21, growth of 46.03% EBITDA (including other income) is at Rs. 202.58 crore as against Rs. 116.31 crore in FY21, increase of 74.17% mainly due to higher sales volumes, price increases and higher operational efficiencies. It also includes the exemption from electricity duty amounting to Rs. 18.65 crores. EBITDA for full year is Rs. 11,689 per ton as against Rs. 7,741 per ton in FY21 FY22 PAT stood at Rs. 100.75 crore as against profit of Rs. 44.19 crore in FY21, increase of 127.97% YoY Board recommended an increased dividend of Rs. 3.50 per equity share compared to of Rs. 1.50 last year. Commenting on the result, Mr Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd. said, “We are happy to share that our financial & operational performance for Q4 FY22 has been a bit better than our guidance due to couple of one-off items. Due to a massive increase in raw material cost and our holding a larger inventory than normal, we got inventory gains. Further a pending government incentive got approved. During the full year we registered a strong revenue growth of 46.03% along with a good increase in EBITDA by 74%. Our net profits increased by 127.97%. This is on account of increase in sales volumes, price increase, better cost control, higher operational efficiencies and inventory value gain and Rs. 18 crores one time gain due to past government incentives. A part of that will be recurring. Raw material prices which rose significantly in the last quarter has impacted business results for Q4 and will impact Q1 of FY 23. Our industry was supposed to receive price increase and revision from OEMs from April 1st which is still awaited. The quantum of increase will determine performance in FY23. Further in the previous year we repaid a part of our long-term loan and controlled overall borrowings leading to lower debt to equity. Talking about our relationship with Aichi, we have made good progress with regards to product development and geographical expansion by providing new samples as per their standards. At the same time, I would also inform that the Company is moving as per planned strategies on various fronts to achieve its medium and long term targets. I would like to take this opportunity to display my gratitude towards our customers, employees, suppliers, Banks and the Government for their unstinted, cooperation and support. Their faith in us and their continued support makes it easier for us to perform well and deliver returns for our shareholders.” Result PDF
Metal and Mining company Vardhaman Special Steels announced Q3FY22 results: Q3FY22: The volumes for the quarter stood at 44,723 tonnes as against 45,964 tonnes in Q3 FY21. The Company had 15 days of shut down of Steel Melt Shop during the quarter in addition to slight slackness in demand Revenue from Operations stood at Rs 359.32 crore in Q3 FY22, as against Rs 287.65 crore in Q3 FY21, growth of 24.91% mainly on account of price increase EBITDA (including other income) for the quarter is Rs 40.76 crore as against Rs 42.64 crore in Q3 FY21, decrease of 4.40%. Despite sharp increase in raw material price Company’s strict measure to control other costs led to lower decline in EBITDA EBITDA for the quarter is Rs 9,114 per Ton as against Rs 9,276 per Ton in Q3 FY21 Q3 FY22 PAT stood at Rs 19.47 crore as against profit of Rs 21.67 crore in Q3 FY21, decrease of 10.15% 9 months ending December 31 st, 2021: The volumes stood at 1,31,711 tonnes as against 1,02,437 tonnes in 9M FY21 Revenue from Operations stood at Rs 1,025.11 crore in 9M FY22, as against Rs 602.60 crore in 9M FY21, growth of 70.11% EBITDA (including other income) is at Rs 143.01 crore as against Rs 61.63 crore in 9M FY21, increase of 132.04% EBITDA for nine months is Rs 10,858 per Ton as against Rs 6,017 per Ton in 9M FY21 9M FY22 PAT stood at Rs 71.56 crore as against profit of Rs 17.83 crore in 9M FY21, increase of 301.24% Commenting on the result, Mr. Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd. said, “Our Q3FY22 profitability has been lower than our earlier quarters however it is still within the normal range. The price increase of raw material costs, slackness in demand and therefore less than expected increase in price increase from OEMs led to this. Also, the plant shut down was in effect for about 15 days during the quarter. Our capital employed has been on the higher slide because of increase in inventories due to the planned plant shutdown as well as surplus raw material inventory which was a conscious and strategic decision. On an overall basis, I believe, given the circumstances, we performed on the satisfactory side. Despite slight decrease in volume sales YoY, our topline grew by over 24% to Rs. 359 crore for the quarter in discussion on account of the price increase though less than then expected. And despite the sharp increase in Raw Material costs, EBITDA YoY declined by just over 4%. As for nine months the overall volume growth has been over 28% and we are confident to achieve our year end targets. Also, the EBITDA per ton for 9 months stood at over Rs. 10,800 and for Q3 it was around Rs.9,100, which is above our stated yearly target range of Rs. 7,000 to 10,000 tonnes. On the Aichi collaboration front, work is progressing smoothly. The upgradation project undertaken during the last shutdown happened under the supervision of Aichi. As we have been stating that we remain focused on creating value for our stakeholders and managing the business for the long term to transform both - our business and our ways of working. I would like to convey my heartfelt thanks to team Vardhman for possessing the admirable gift of grit in consistently helping the Company move forward and achieving milestones on the path.” Result PDF