Shyam Metalics slips ~2% as PAT dips 9.6% y-o-y in Q1FY23

3 Aug 2022 , 10:10 AM

Shyam Metalics and Energy Limited (SMEL) announced its Financial Results for the quarter ended June 30, 2022.

The company registered a 31% yoy growth in revenue at Rs3,223 crore in Q1FY23, as against Rs2,465 crore in Q1FY22. It further recorded a sequential growth of 12.8% yoy against Rs2,857 crore in the previous quarter.

However, despite recording a higher revenue, company’s PAT dipped 9.6% on a y-o-y basis at Rs414 crore in Q1FY23. It recorded a PAT of Rs458 crore in Q1FY22 and Rs433 crore in Q4FY22.

Company’s EBITDA registered a decline of 11.80% yoy at Rs607 crore in Q1FY23, as compared to Rs688 crore in Q1FY22. Further, the EBITDA margin dipped to 18.80% in Q1FY23 against 27.90% in Q1FY22.

Company’s PAT margin also narrowed to 12.80% in June 2022 quarter against 18.60% in June 2021 quarter.

On a product-wise basis, the company witnessed an attractive growth of 24-25% in Steel and Ferro Products per ton realization.

Brij Bhushan Agarwal, Vice Chairman & Managing Director commented on the performance, “We are delighted to deliver robust performance in our first year since listing and are proud to see the momentum continue as we begin a new financial year. Despite facing multiple headwinds across supply chains and macro concerns due to ongoing geopolitical tensions the company delivered double-digit topline growth.”

Shyam Metalics & Energy also declared an interim dividend of Rs1.80 per share.

At around 10.15 AM, Shyam Metalics & Energy was trading at Rs305.15 down by Rs4.9 or 1.58% from its previous closing of Rs310.05 on the BSE. The scrip opened at Rs309.90 and has touched intraday high and low of Rs309.90 and Rs304 respectively.