Maithan Alloys Q1 PAT up 33% qoq at Rs112.1cr

The Company is in the process of acquiring Impex Metal & Ferro Alloys Limited (IMFAL) through insolvency proceedings and has paid a consideration of Rs.74.22 crores for the purpose.

Aug 16, 2021 05:08 IST India Infoline News Service

Quarterly Results
Maithan Alloys Limited, India’s largest manganese alloys producer and exporter announced its Unaudited Financial Results for the Quarter ended 30th June, 2021.

The company’s net profit at Rs112.07cr in June 2021 up 218.74% and 33% qoq from Rs35.16cr in June 2020. The total revenue from operations at Rs565.64cr in June 2021 up 112.97% from Rs265.59cr in June 2020.

Commenting on the results and performance, Mr. Subodh Agarwalla, Whole-time Director and CEO said: “Q1FY22 has been marked by a strong performance despite the resurgence of 2 nd wave of Covid-19 in the months of April and May 2021. Our Company has clocked revenues of Rs. 566 crores, out of which our manufacturing revenues stood at Rs.493 crores for Q1 FY22. We have reported strong Manufacturing EBITDA margins of 28.6%. This was due to our tight cost control measures and favourable tailwinds. We are pleased to inform that the company has reported PAT growth of 33% QoQ in Q1 FY22.”

“Our manufacturing operations at all the three plants were continuing despite 2nd wave of Covid-19. Currently, all the plants are operating at near optimum capacity. Our Company undertook all measures adhering to social distancing, sanitization and educating employees about the importance of vaccination. Demand for our products remain intact and we see a strong order book ahead with increased steel demand in our global markets,” Subodh Agarwalla added.

Update on Auction of Impex Metal & Ferro Alloys Limited:

• The Company is in the process of acquiring Impex Metal & Ferro Alloys Limited (IMFAL) through insolvency proceedings and has paid a consideration of Rs.74.22 crores for the purpose. The Liquidator has handed over the manufacturing unit of IMFAL, located at Bobbili, Vizianagaram, Andhra Pradesh having production capacity of 49,500 TPA of silico manganese
• The necessary approval of regulatory authorities is still awaited
• The plant is not in operation at present, the company is carrying out necessary repairs; Commencement of operations is expected in Q3 FY22
• IMFAL is acquired as a going concern and will run its operations independently

“At Maithan, our endeavour is to outperform consistently. With a complete basket of ferro alloys product, long standing relationship with customers, inorganic expansion, we feel Maithan continues to be at a sweet spot and will be in a position to grow faster than the industry. The business environment is still uncertain due to the predicted third wave of the pandemic, however we are well equipped with our processes and systems and will continue to drive our business. With a strong cash position, we remain confident to sail through any near term challenges and business cycles. We are on a strong footing to deliver sustainable and profitable long-term growth, being one of the leading manufacturer and exporter of niche value added manganese alloys,” Subodh Agarwalla added.

The stock ended at Rs1,070.75 down by Rs64.85 or 5.71% from its previous closing of Rs1,135.60 on the BSE. The scrip opened at Rs1,140 and touched a high and low of Rs1,140.15 and Rs1,057.55 respectively.

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