Iron & Steel/Intermediate Products company Shyam Metalics and Energy announced Q1FY24 results: Revenues of Rs 3,307 crore in Q1FY24 compared to Rs 3,223 crore in Q1FY23, up 3% YoY EBITDA of Rs 405 crore in Q1FY24 compared to Rs 607 crore in Q1FY23, down 33% YoY EBITDA Margins of 12.2% in Q1FY24 compared to 18.8% in Q1FY23 Profit After Tax of Rs 235 crore in Q1FY24 compared to Rs 414 crore in Q1FY23, down 43% YoY PAT Margins of 7.1% in Q1FY24 compared to 12.8% in Q1FY23 Commenting on the Results, Brij Bhushan Agarwal, Vice Chairman & Managing Director said, “We are encouraged by the upward trajectory in sales of finished steel, with a robust 36% growth in volumes year on year. The company is progressing as per the strategic roadmap envisaged. Shyam Metalics strives to stay ahead of the curve and will continue to pursue growth, profitability, and sustainability. Today our board has approved a significant capex plan of Rs 3,915 crore, which will enable us to enhance our capacities further. Our present finished steel capacity of 2.7 MTPA will grow to 4.4 MTPA. Cost advantage will be retained even with capacity expansion as we will grow our captive power generation from 377 MW to 597 MW. Sustainability is our top priority, the renewable energy portfolio be enhanced more than tenfold, growing from existing 9.1 MW to 109.1 MW. As the favourable demand environment stays strong in India, we are energized and progressing towards a more enriched product mix and higher volumes, and consequently, a much stronger company in the coming years ” Result PDF
Iron & Steel firm Shyam Metalics and Energy announced Q3FY23: Consolidated Q3FY23: Revenue from Operations Rs 2,922 crores. EBITDA Rs 222 crores. Profit After Tax Rs 65 crores. SMEL registers 13% topline growth and ventures into colour coated sheets with a greenfield project. Commenting on the Results, Mr Brij Bhushan Agarwal, Vice Chairman & Managing Director said “I am pleased to report significant progress on our strategic initiatives. We are entering a new segment of colour-coated sheets and are launching a greenfield project in Jamuria, West Bengal to setup a cold rolling mill. We will incur a capex of Rs 603 crores for this endeavour. This will enable us to further diversify our revenue streams. There is a substantial demand for colour-coated sheets and it offers an avenue for growth. As we continue to scale up & diversify our business we intend to maintain the highest standards of transparency & governance. Hence, we have mandated KMPG Assurance and Consulting Services LLP as the Internal Auditor of the Company for FY 2023-24. Our join-venture to revive the recently acquired Ramsarup Industries is slated to pick-up pace this year. We have earmarked Rs 747 crores to achieve our objectives in the targeted timeline for the first phase. We envisage that the two new businesses will be margin accretive and unlock further growth as we achieve scale. The team is optimistic that with improving business environment the company will see improved profitability." Result PDF