Q2FY24 Quarterly Result Announced for Shyam Metalics and Energy Ltd.
Iron & Steel/Intermediate Products company Shyam Metalics and Energy announced Q2FY24 results: The company has recorded Consolidated Revenues of Rs 2,940.70 crore for Q2FY24 against Rs 3,085.20 crore for Q2FY23. The Consolidated Profit Before Tax was Rs 133.40 crore for Q2FY24 as against Rs 139.95 crore for Q2FY23 because of the merger benefits owning to carry forward losses about the Mittal Corp acquisition. The Consolidated Profit After Tax was Rs 481.97 crore for Q2FY24 as against Rs 110.91 crore for Q2FY23. Despite the realisation of Finished steel being down by 11.75% on a YoY basis, we have maintained revenue owing to a growth of 24.68% in terms of volume. Successfully received the Order from Hon’ble NCLT, Mumbai Bench for the acquisition of Mittal Corp Limited along with the order of approval for the merger of Mittal Corp Limited with Shyam Sel and Power Limited, a Wholly Owned Subsidiary of the Company. There has been sustained growth in the Aluminium Foil business and the foray into stainless steel will add to our metal product basket and growth of our Company. Commenting on the Q2FY24 results, Brij Bhushan Agarwal, Vice Chairman and Managing Director, of Shyam Metalics & Energy, said, "We are delighted to report strong financial performance for the second quarter of fiscal year 2024. Shyam Metalics remains persistent in showcasing resilience and expansion within a dynamic market landscape. Our unwavering dedication to achieving excellence, combined with well-planned strategic endeavors, has driven our progress. We eagerly anticipate further capitalizing on this positive trajectory as we adapt to the evolving terrain of the metals industry." Result PDF10-11-2023