Q3FY23 Quarterly Result Announced for Surya Roshni Ltd.
Steel Pipes and Lighting product manufacturer Surya Roshni announced Q3FY23 results: Q3FY23 and 9MFY23: Q3FY23 EBITDA and PAT grew by 65% and 121% respectively Announced interim dividend of Rs 3.00 per equity share Steel Pipes and Strips EBITDA/MT at Rs 6,733, a growth of 76% YoY for Q3FY23. Reduced debt by Rs 71 crore in 9MFY23. Similarly, the finance cost also reduced by 28% in 9MFY23 inspite of the increasing interest rate trend. Debt Equity reduced to 0.30x as on 31st December 2022 as compared to 0.48x as on 31st December 2021. Commenting on the results, Company’s Managing Director, Mr. Raju Bista, said “The company continued to report a healthy set of numbers along with improvement on operational parameters on a YTD basis. The financial performance was further aided by stable input costs, festive season and continuous improvement in the product mix. In Lighting and Consumer Durables, Q3 and 9M FY23 revenue grew by 6% and 20% YoY respectively, driven by an improved product mix. LED lighting as a whole grew by 8% YoY during the quarter (LED street lighting grew 66% and 74%, for Q3 and 9MFY23 respectively). The Professional Lighting business continued to do well and registered a growth of 33% and 43% in Q3 and 9MFY23, respectively. The company’s recent product launches also aided the growth momentum. The input costs, especially on the commodity prices front have been stable in Q3FY23, however the USD has gone up w.r.t. INR. Professional lighting continued to deliver the projects well within the stipulated timeline. The company is bidding aggressively for various projects across the country and witnessing a strong order inflow. The company’s capex under the PLI scheme is ongoing as per schedule. Once operationalized, it is expected to lower the external dependency along with the reduction in cost. The company’s constant effort to bring down replacement costs has worked well. The replacement cost now stands at 5.15%, a significant reduction on YoY as well as QoQ basis. The company remains committed to further bring down the cost, which will enable the company to offer high quality products. The company continued to focus on R&D; to offer innovative and trendy product line along with further deepening the engagement with dealers and distributors. The key focus of the company remains on enhancing the market share in Metro and Tier-1 cities along with further penetrating the existing rural network. In the Steel Pipes and Strips, the topline was affected due to correction in global steel prices. HR coil prices reduced by 18% on an average in current quarter as compared to corresponding quarter. However, EBITDA/MT improved significantly by 76% on a YoY basis to Rs. 6,733 in Q3FY23, due to increased share of value-added products. The company remains well geared to accelerate the growth further in the coming quarters. To reward the company’s shareholders on the remarkable financial performance during the period, the Board has declared an interim dividend of Rs.3.00 (30%) per equity share on the paid-up equity capital. The company remains committed to enhance value for the shareholders further”. Result PDF18-01-2023