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Tata Metaliks Limited reports Financial Results for the quarter and year ended March 31, 2023
Achieved Y-o-Y increase in topline by 19%
Kolkata, April28, 2023: Tata Metaliks Limited (“TML”) today declared its Financial Results for the Quarter and Financial Year ended March 31, 2023. While the Company recorded Revenue from Operations of ₹926 Crores and PBT of ₹67 Crores for the Quarter ending March 31, 2023, the figures for the full year FY’23stood at ₹3,260 Crores and ₹101 Crores respectively. The Board of Directors have recommended a dividend of₹5 per fully paid equity share (face value of ₹10 each).
The Ductile Iron (DI)Pipe Plant-2 (new plant) productionhad a vertical ramp-up and its production of Finished Pipestouched35 kt in the quarter (25kt in Q3 FY’23). Company’s product portfolio now covers the larger size range of 900 to 1200 mm diameter pipes which constituted almost 30% of sales from the new plant.
Revenue for the quarter saw anincrease of ~17% Q-o-Qcaused mainly by higher deliveries of DI Pipe by ~33% and higher realization of both Pig Iron and DI Pipe by ~2% and 8% respectively. Delivery of DI Pipe was also higher by ~50% compared to the last quarter of FY’22and 25% Y-o-Y with higher volumes available from new plant.
Some highlights for the year’s performance are:
· Hot Metal production at 562 kt
· Highest yearly DI Pipe production of 300 kt (previous high 236 kt in FY’22)
· Highest yearly DIPipedespatchof 296 kt (previous high 237 kt in FY’22)
· Highest yearly Coke production of 236 kt (previous high 232 kt in FY’22)
· Highest yearly Power generation of 24 MW (previous high 22 MW in FY’22)
Managing Director’s Comments
Mr. Alok Krishna, Managing Director of Tata Metaliks said: “Pig Iron business was adversely affected by weak market sentiments of commodity prices.Domestic demand of Pig Iron is expected to firm up in the coming quarters as utilization levels in several segments like General Castings and Agriculture are likely to improve. Imported coal price is expected to remain range bound as indicated by trend of Coal futures.
The Company’s DIPipe business has a healthy order book for FY’24 executionbecause of robust demand for Government’s water infrastructure projects.The Company is geared up and well positioned to meet this high demand in the upcoming quarters through additional volumes from the new DI Pipe plant. The new DI Pipe plant has been ramping up well with volumes increasing Q-o-Q.”