Shyam Metalics Energy logs over 4-fold jump in Q2; net profit up Rs 482 cr

Shyam Metalics & Energy Ltd (SMEL) on Saturday reported more than fourfold jump in its consolidated profit after tax (PAT) to Rs 481.97 crore in the July-September quarter of 2023-24 despite a fall in revenue.

It had clocked Rs 110.91 crore PAT during the July-September period of the preceding 2022-23 fiscal, the company said in a statement on Saturday.

The company’s consolidated revenues dropped by 4.7 per cent to Rs 2,940.70 crore for the second quarter of FY2023-24 as compared to Rs 3,085.20 crore in the same quarter a year ago.

Despite the realisation of finished steel being down by 11.75 per cent on a year-on-year basis, the company has been able to maintain revenue growth, the statement said.

The company has also received the order from NCLT Bench for the acquisition of Mittal Corp Limited along with the order of approval for merger of Mittal Corp Limited with Shyam Sel and Power Limited, a wholly-owned subsidiary of the company, it said.

There has been sustained growth in the aluminium foil business and the foray into stainless steel will add to our metal product basket and growth of our company.

Shyam Metalics is a leading integrated metal-producing company based in India primarily in the steel industry in West Bengal and Odisha with a focus on long steel products and ferro alloys.