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Rajratan Global Wire Q2 net profit at Rs326 mn

EBITDA Margin for the quarter stood at 21.01% up 250 bps vs 18.52% in Q2FY21.

October 21, 2021 5:17 IST | India Infoline News Service
Quarterly Results
Rajratan Global Wire Ltd has announced its audited financial results for the second quarter and half year ended September 2021.

Key performance highlights for the quarter Q2FY22 (Consolidated):

- Net sales for the quarter stood at Rs 2411.7 mn up 73.5% YoY
- EBITDA for the quarter stood at Rs 506.8 mn up 96.9% YoY
- EBITDA Margin for the quarter stood at 21.01% up 250 bps vs 18.52% in Q2FY21
- Net Profit stood at Rs 326 mn up 140.7% YoY.
- EPS stood at Rs 32.1 up 140.7% YoY vs Rs 13.33 in Q2FY22

Major developments during the quarter - India
  • The company strengthened its TPM commitment to address JIPM standards.
  • Company strengthened shop floor safety measures.
  • Company introduced an incentive scheme to enhance 5S discipline compliance.
  • Company strengthened its quality assurance and quality control review phenomenon.
  • Company tightened conversion cost and general administrative expense controls.
Major developments during the quarter - Thailand
  • Extension of the building was completed; warehouses construction neared completion.
  • Water treatment plant upgradations was finalised.
  • Pickling line upgradation reported progress.
  • New coating line design and technology neared completion.
  • Environmental Impact Assessment progressed as per schedule
Outlook for H2 FY2021-22
  • Tyre (and bead wire) demand expected to sustain into the second half of FY2021-22.
  • The company expects to be allotted land in Sipcot Industrial Park for its proposed third plant.
  • The company is engaged in discussions with EPC contractors for timely plant construction.
  • Wire rod costs expected to increase following an increase in pet coke prices.
Commenting on the performance, Mr. Sunil Chordia, CMD, Rajratan Global Wire Ltd said “We have continued to build up further on the momentum set in the last 18 months since having completed our expansion in India. The company has delivered its highest ever Revenue, EBITDA and PAT ever during the quarter, led by strong demand for bead wire in domestic and export markets. More and more customers are looking to increase their engagement with Rajratan, which has pushed us to setup dedicated teams to engage periodically with customers to ensure timely deliveries. We continue to focus on our vision to become the leading and most preferred bead wire manufacturer and supplies to tyre companies in India and globally."

"We continue to “Outperform” and work as a team in the current challenging times to deliver value to our shareholders.”

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