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Shyam Metalics FY24 PAT grows 22% YoY to Rs 1034.79 cr

Shyam Metalics FY24 PAT grows 22% YoY to Rs 1034.79 cr

| @indiablooms | 16 May 2024, 01:14 am

Kolkata: Shyam Metalics has reported a Consolidated Profit After Tax of Rs. 220 crores for Q4FY24 against Rs. 126 crores for Q3FY24. Further, the Consolidated Profit After Tax for FY24 was Rs. 1,029 crores against Rs. 843 crores for FY23.

The Kolkata headquartered firm reported a Consolidated Revenue of Rs. 3,606 crores for Q4FY24 against Rs. 3,315 crores for Q3FY24.

The Consolidated Revenue for FY24 was Rs. 13,195 crores as against Rs. 12,658 crores for FY23.

Consolidated Revenue of Rs. 3,606 crores for Q4FY24 as against Rs. 3,427 crores for Q4FY23.

The Consolidated Operating EBIDTA was Rs. 442 crores for Q4FY24 as against Rs. 407 crores for Q3FY24.

Sales grew 5.20% to Rs 3606.20 crore in the quarter ended March 2024 as against Rs 3427.97 crore during the previous quarter ended March 2023.

Further, the Consolidated Operating EBIDTA FY24 was Rs. 1,570 crores as against Rs. 1,499 crores for FY23.

The Consolidated Operating EBIDTA was Rs. 442 crores for Q4FY24 as against Rs. 427 crores for Q4FY23.

Shyam Metalics witnessed a volume growth of over 18% in the sale of Long Products on a year-on-year basis.

The company announced a final dividend of Rs 2.70 per share, pending shareholder approval.

It achieved a 6% year-on-year increase in the volume of Aluminium Foil Products sold.

The company is also advancing its expansion efforts with a capital expenditure plan of Rs 810 crores focused on Stainless Steel and Aluminium Products.

Part of this strategic expansion includes stabilizing the operations of its newly acquired stainless steel plant in Madhya Pradesh, which positions Shyam Metalics for continued healthy growth.

Commenting on the Q4FY24 results, Brij Bhushan Agarwal, Vice Chairman and Managing Director, said, “Our Revenues and profitability increase reflects our sustained financial strength and strategic prowess. Our product mix continues to improve with higher contributions from our key products.

"In enhancing our capacities further, the board has approved expansion plans into new metals – Stainless Steel Wire Rods & Stainless Steel Bright Bars and Aluminium Foil with total investments of Rs. 810 crores which will be funded through internal accruals. This would further boost our revenues and margins in forthcoming years. Looking ahead, we remain resolute in our commitment to delivering sustained growth and value to our stakeholders."

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