Shyam Metalics Announces Q3FY24 and 9MFY24 Results

Mumbai, February 3rd, 2024: Shyam Metalics Limited, headquartered in Kolkata, West Bengal announced its results for the third quarter of FY24 and the nine month of FY24. The Company has recorded Consolidated Revenue of Rs. 3315 crore for Q3FY24 as against Rs. 2921 crore for Q2FY24. Further the Consolidated Revenue for 9M FY24 was Rs. 9589 crore as against Rs. 9230 crore for 9M FY24.

The Consolidated Operating EBIDTA was Rs. 407 crores for Q3FY24 as against Rs. 222 crores for Q3FY23. Further the Consolidated Operating EBIDTA for 9M FY24 was Rs. 1128 crore as against Rs. 1072 crore for 9M FY23.

The Consolidated Profit After Tax was Rs. 126 crores for Q3FY24 as against Rs. 65 crores for Q3FY23. Further the Consolidated Profit After Tax for 9MFY24 was Rs. 810 crores as against Rs. 590 crores for 9MFY23.

Commenting on the Q3FY24 results, Mr. Brij Bhushan Agarwal, Vice Chairman and Managing Director, said, “We are pleased to report our Q3 & 9M FY24 financial performance with an impressive growth of 83% YoY in EBITDA, reaching Rs. 407 crores. This underscores our sustained financial strength and strategic prowess. Our commitment to quality, innovation and sustainability has been key to our success. Despite industry challenges we were able to deliver better margins and stayed on course with our growth plans.

We look forward to maintaining this positive momentum and delivering continued success in the upcoming quarters. We have successfully streamlined operations our of newly acquired stainless steel plant and achieved capacity utilization of 35-40% in first three months of its inception. This is the testament to our dedication to sustainable growth. Moving forward, our strategic focus is on transitioning towards the higher margin products and establishing ourselves as leaders in key areas of metals industry delivering long term value for our stakeholders.