Shyam Metalics and Energy’s (SMEL) Oct’23 operating numbers show robust volume growth. Key points: 1) Despite festive season in Oct’23, rebar sales volume rose 19.8% MoM; 2) ferrous alloys’ volume declined due to subdued export markets; and 3) implied revenue for Oct’23 was up 8.5% MoM (1.3% YoY) at INR 9.7bn mainly due to higher volume; 4) another 198kt sponge iron capacity commissioned at Sambalpur and Consent to Operate (CTO) has been applied.