Q1FY23 Quarterly Result Announced for Maithan Alloys Ltd.
Iron & Steel Products firm Maithan Alloys announced Q1FY23 Result : Total Revenue from Operations up by 80% YoY at Rs. 1,020.3 crores Manufacturing EBITDA up by 152% YoY at Rs. 355.6 crores; Margins at 37.1% Profit Before Tax (Excluding exceptional items) up by 152% YoY at Rs. 370.2 crores Commenting on the results and performance, Mr. Subodh Agarwalla, Whole-time Director and CEO said: “We are delighted to announce that our company has reported highest ever quarterly revenue in Q1 FY23 despite the power cut issues faced at Vishakhapatnam plant and at our subsidiary Impex Metal & Ferro Alloys Ltd. The business environment was challenging on account of inflation, geopolitical situation and high energy costs. Our topline growth was aided by higher sales volumes and better realizations. Our wholly owned subsidiary IMPEX, have also done sizable volumes and operated at optimal capacity in Q1 FY23 except due to impact of power cuts. Our company has incurred high power and coke & coal costs on account of market scenario, which has led to limited impact on our manufacturing EBIDTA margins. We had observed strong demand from both domestic and international markets. However, since the end of last quarter, prices of our products have reduced drastically with high impact on profitability margins. Production at our Vishakhapatnam and IMPEX unit faced certain disturbances on account of 50% power supply cut from 8th April, 2022 to 17th May, 2022. Both units were permitted to draw full load from 18th May, 2022 onwards. Our other two manufacturing units at Kalyaneshwari, West Bengal and Byrnihat, Meghalaya operated at optimum capacity without any disruptions. India has remained resilient despite the weakening global Macro economic trends. Steel consumption is expected to remain strong driven by higher construction and infrastructure activities. Steel players in India are incurring capacity expansions which shall led to increased demand for ferro alloys. We remain cautiously optimistic with the current geopolitical situation which may led to correction in commodity prices. We shall continue to monitor that situation. However, with our huge product basket and customized manganese alloys, we are confident of increasing our market share going ahead globally and also increasing our wallet share from existing customers.” Result PDF17-08-2022