Iron & Steel/intermediate products company Electrosteel Castings announced Q3FY24 & 9MFY24 results: Consolidated Q3FY24: Total Income stood at Rs 1,892 crore in Q3FY24. EBITDA grew by 112% YoY to Rs 429 crore in Q3FY24, the EBITDA margin expanded by 1,183 bps YoY to 22.7% owing to lower raw materials cost, better realisations coupled with economies of scale. PAT grew by 236% YoY to Rs 263 crore in Q3FY24, PAT margin expanded by 972 bps YoY to 13.9% during the quarter. Standalone Q3FY24: Total Income grew by 4% YoY to Rs 1,814 crore in Q3FY24 lead by strong demand from domestic markets. EBITDA grew by 124% YoY to Rs 412 crore in Q3FY24, the EBITDA margin expanded by 1,223 bps YoY to 22.7% due to lower raw materials cost, better realisations along with operating leverage. PAT grew by 286% YoY to Rs 252 crore in Q3FY24, PAT margin expanded by 1016 bps YoY to 13.9% during the quarter. Consolidated 9MFY24: Total Income stood at Rs 5,542 crore in 9MFY24. EBITDA grew by 58% YoY to Rs 935 crore in 9MFY24, the EBITDA margin expanded by 599 bps YoY to 16.9% during 9MFY24. PAT grew by 126% YoY to Rs 513 crore in 9MFY24, PAT margin expanded by 510 bps YoY to 9.3% during 9MFY24. Standalone 9MFY24: Total Income stood at Rs 5,232 crores in 9MFY24. EBITDA grew by 58% YoY to Rs 927 crore in 9MFY24, the EBITDA margin expanded by 651 bps YoY to 17.7%. PAT surged by 122% YoY to Rs 517 crore in 9MFY24, PAT margin expanded by 542 bps YoY to 9.9% during the period. Other Highlights: DI Pipes volumes stood at 195,253 Lakh MT in Q3FY24. Export constituted 16% of the DI Pipe volumes. Commenting on the results, Madhav Kejriwal, Whole Time Director, Electrosteel Castings further said, “The Company continued its journey towards operational efficiency, thereby maintaining its cost competitiveness. We undertook the repairs and maintenance of Blast Furnace at Khardah unit from 24-Nov-2023 till 15-Jan-2024 which marginally impacted the top-line. However, it was offset by better volumes at our SW unit and better realisations. The Company will experience enhanced efficiencies from the aforesaid maintenance in the coming quarters. We benefitted from the decline in raw materials prices and economies of scale in Q3FY24. The Company is swiftly working towards enhancing its overall DI Pipes capacity to 9 Lakh TPA. The Government’s commitment towards Jal Jeevan Mission and rising global water security needs will continue to bolster the demand of DI Pipes in both domestic and export markets in the coming years. ECL is well poised to cater the huge demand of DI Pipes with its integrated capacity and maintain its leadership position in the DI Pipes Industry and thereby, create value for its esteemed stakeholders.” Result PDF
Electrosteel Castings declares Q3FY22 result: The production for the Ductile Iron Pipes for the quarter was 164,173 tonnes as against the production of 162,640 tonnes during the corresponding quarter of the previous year. New Blast Furnace of 450 M3 capacity, has been commissioned along with additional facilities in Ductile Iron Pipes Plant on 12th August, 2021 and the production of new Blast Furnace is stabilized. Upon commissioning of new Blast Furnace, the capacity of DI Pipe Plant has been increased to 4,00,000 TPA. The second phase of increasing the D I Pipes capacity to 5 lakh tonnes per annum is under way Result PDF