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