Shyam Metalics & Energy Ltd announces Q1 FY24 results, records consolidated revenues of Rs. 3307 crore

The company has recorded consolidated revenues of Rs. 3307 crore for Q1FY24 as against Rs. 3223 crore for Q1FY23.

The consolidated profit before tax was Rs. 282 crores for Q1FY24 as against Rs. 527 crores for Q1FY23.

The consolidated profit after tax was Rs. 235 crores for Q1FY24 as against Rs. 414 crores for Q1FY23.

Despite the realisation of finished steel being down by 6% on a year-on-year basis, we have been able to maintain revenue owing to a growth of 36% in terms of volume. Better performance in our Aluminium Foil division has also led to maintaining the revenue.

The Board approved Company’s further planning to enhance its capacity.

Our present finished steel capacity of 2.69 MTPA shall be enhanced to 4.4 MTPA with a captive power plant from 377 MW to 597 MW and renewable portfolio to be enhanced from the existing 9.1 MW to 109.1 MW with an aggregate capex outlay of Rs. 3915 Crores in the states of Orissa and West Bengal in a phased manner spread over 3 years.

Commenting on the Q1FY24 results, Brij Bhushan Agarwal, Vice Chairman and Managing Director said, “We are very happy to report a resilient performance for the quarter despite very challenging market conditions."

This was made possible through the dedication and commitment of our employees and the support of all the stakeholders.

The Board has approved capex plans for the next phase of growth for the Company.

(With UNI inputs)