Maithon Alloys Ltd. registers revenue increase

The company announced its Audited Financial Results for the quarter and full year ended 31st March 2019. The Manufacturing Revenues for FY19 have increased by 6% Y-o-Y to Rs. 1,988 crores from Rs. 1,879 in FY18, the company said in a release issued here. The demand for ferro alloys continues to remain strong on back of increased demand of steel in India. Manufacturing EBITDA stood at Rs. 312 crores for FY19, Manufacturing EBITDA Margin for FY19 are at 17.2% compared to 21.6% last year and PAT for FY19 stood at Rs. 255 crores, the release said.

Commenting on the results, Mr. Subodh Agarwalla, Whole-time Director and CEO said, “We are happy to share that our Company has delivered superior performance in the last year despite increased price volatility in the global as well as domestic market. For the year FY19, the Board has recommended a Final Dividend of Rs. 6 per equity share of Face Value of Rs. 10 each.

"The steel industry’s capacity utilisation level is expected to remain at a rate of 82% - 83% between FY19 and FY21, supported by a favourable domestic demand. It is expected that domestic steelmakers will increase the capacities further by 16 million tonne over FY19-FY21. Additionally, with investments being ramped up and stressed assets resolved, this would lead to an industry capex estimate of Rs. 75,000 crores between FY19 and FY21," Mr Agarwalla said.

With all the capex announced and with increased capacities, the steel industry is set to grow which will boost the demand for ferro alloys at a much faster pace going ahead, he added.

He said the company has already announced a greenfield project in West Bengal which would be ready in the next 18-24 months. "We are also working on other expansion plans," he said.