Maithan Alloys' net profit dips 8.8% in first nine months of FY19
However, its manufacturing revenue grew by 3 per cent to Rs 1,320 crore.
By Rakhi Mazumdar, ET Bureau |
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KOLKATA: Maithan Alloys, one the largest producers and exporters of manganese alloy, reported a 8.8 per cent dip in net profit at Rs 185 crore for the first nine months of FY19, down from Rs 203 crore in the same period of FY18.
However, its manufacturing revenue grew by 3 per cent to Rs 1,320 crore on a standalone basis in the period under review (April-December FY19) compared to the same period last year.
Commenting on the results Subodh Agarwalla,CEO Maithan Alloys said: “After many months of volatility in the global and domestic markets, the sector has experienced relative stability in the last quarter. However, we have delivered a strong performance in spite of volatility and we continue to outperform industry trends."
Growing steel demand across the globe is one of the major drivers for our products. Our aim of delivering constant performance is accelerated by efficient cost measures and processes adopted. As guided earlier, moving forward we are confident of sustaining a long-term EBITDA margins of 15 per cent-17 per cent, he added.
India has replaced Japan as the world’s 2nd largest steel producer according to data from the World Steel Association (WSA).
The country’s crude steel output rose 4.9 per cent to 106.5 mn tonnes in 2018.
The development will boost the steel ministry’s initiative to achieve 300 mn tonnes of production capacity by 2030. With major investments and acquisitions announced by Indian steel players through organic and inorganic routes towards capacity addition, India will be the brightest spot for the steel sector which will boost the demand for ferro alloys at a much faster pace going ahead.
"In order to grab these growth opportunities, we have already announced a greenfield project in West Bengal and are working on other expansion plans," Agarwalla said.
With a complete basket of ferro alloys product, strong relationship with the customers and financial flexibility, Maithan will be in a position to grow faster than the Industry, he added.
However, its manufacturing revenue grew by 3 per cent to Rs 1,320 crore on a standalone basis in the period under review (April-December FY19) compared to the same period last year.
Commenting on the results Subodh Agarwalla,CEO Maithan Alloys said: “After many months of volatility in the global and domestic markets, the sector has experienced relative stability in the last quarter. However, we have delivered a strong performance in spite of volatility and we continue to outperform industry trends."
Growing steel demand across the globe is one of the major drivers for our products. Our aim of delivering constant performance is accelerated by efficient cost measures and processes adopted. As guided earlier, moving forward we are confident of sustaining a long-term EBITDA margins of 15 per cent-17 per cent, he added.
India has replaced Japan as the world’s 2nd largest steel producer according to data from the World Steel Association (WSA).
The country’s crude steel output rose 4.9 per cent to 106.5 mn tonnes in 2018.
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The development will boost the steel ministry’s initiative to achieve 300 mn tonnes of production capacity by 2030. With major investments and acquisitions announced by Indian steel players through organic and inorganic routes towards capacity addition, India will be the brightest spot for the steel sector which will boost the demand for ferro alloys at a much faster pace going ahead.
"In order to grab these growth opportunities, we have already announced a greenfield project in West Bengal and are working on other expansion plans," Agarwalla said.
With a complete basket of ferro alloys product, strong relationship with the customers and financial flexibility, Maithan will be in a position to grow faster than the Industry, he added.
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