The company reported 170.34% growth in total revenues for the Jun-21 quarter on a consolidated basis at Rs2,465.03cr on higher volumes and better realizations overall in the industry.
Capacity to increase from 5.71 MTPA to 11.54 MTPA. Target completion between FY22 and FY25, the company said in the regulatory filing.
Total Capex Cost would be aggregating to ~Rs2,960cr. During FY22, Company plans to incur a Capex of ~Rs850cr, the company added.
The stock ended at Rs444.30 up by Rs1.9 or 0.43% from its previous closing of Rs442.40 on the BSE. The scrip opened at Rs451.95 and touched a high and low of Rs458.35 and Rs439.05 respectively.
Brij Bhushan Agarwal, Vice Chairman & Managing Director said “SMEL has continued its strong growth momentum in Q1 FY22 despite facing COVID related challenges. We are witnessing strong demand for our products across all categories. Our Blended EBITDA has gone up ~3x to Rs. 19,194 per tonne since Q1 FY21 and by 5% on a Q-o-Q basis. In accordance with the objects stated in the IPO Document, the Company has reduced its debt by Rs. 470 crores in the last quarter.
This will result in reduced interest costs going ahead. Despite the increase in raw material prices, we remained completely hedged in the last quarter as we have long term contracts with our suppliers. Our diversified product profile, our unique business model, our cost leadership both in terms of Capex and Opex have facilitated us in maintaining consistency across years. We are continuously investing in advanced technologies to enhance production and are exploring opportunities to obtain synergies in our existing manufacturing plants. This will keep our operating costs low, which we believe is critical for remaining profitable. We are very optimistic of our business growth for the coming year.”