Consolidated Performance
Q4FY24 Highlights
- Gross Revenue*: INR 15,749 Cr
- Adjusted EBITDA**: INR 2,512 Cr
- Profit after tax: INR 933 Cr
- Steel production: 2.05MT
- Sales volume: 2.01MT
FY24 Highlights
- Gross Revenue*: INR 58,115 Cr
- Adjusted EBITDA**: INR 10,231 Cr
- Profit after tax: INR 5,943 Cr
- Steel production: 7.92MT
- Sales volume: 7.67MT
*Incl. GST and Other Income
** Adjusted for one-off FX Loss of INR 68 Cr in Q4FY24 and Fx Loss of INR 30 Cr in FY24
- Consolidated Net Debt at INR 11,203 Cr
- Consolidated Net Debt/ EBITDA at 1.10x as at 31st Mar'24
Production and sales for Q4FY24 stood at 2.05MT and 2.01MT respectively. Consolidated gross revenues for the quarter stood at INR 15,749 Cr. Share of exports remained stable at 11% in Q4FY24 vis-à-vis 11% during the Q4FY23. Reported PAT for the quarter stood at INR 933 Cr while adjusted EBITDA stood at INR 2,512 Cr adjusted for one-off Fx Loss of INR 68 Cr during the quarter. EBITDA was driven by reduction in raw material cost, partly offset by lower NSR during the quarter.
During FY24, Gross Revenue stood at INR 58,115 cr. Adjusted EBITDA stood at INR 10,231 Cr (adjusted for Fx Loss of INR 30 Cr) driven by reduction in raw material costs, improved product mix. PAT from continuing operations stood at INR 933 Cr.
Net debt stood at INR 11,203 Cr as at 31st Mar'24 vs. INR 9,115 Cr as at 31st Dec'23. Balance sheet remains robust with Net debt to EBITDA at 1.10x as at 31st Mar'24 vs 0.92x as at 31st Dec'23. Increased debt reflects higher payments on account of completion of several projects in line with capex program. The total capex for the quarter was INR 2,523 Cr and INR 8,517 Cr for FY24. The company achieved several important milestones during the year including commissioning of Hot Strip Mill of 6MTPA and pellet plant of 6MTPA.
| PRODUCT (Million Tonnes) | Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 |
|---|---|---|---|---|---|
| Steel | 2.05 | 1.94 | 2.02 | 7.92 | 7.89 |
| PRODUCT (Million Tonnes) | Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 |
|---|---|---|---|---|---|
| Steel | 2.01 | 1.81 | 2.03 | 7.67 | 7.68 |
| PARAMETER | Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 |
|---|---|---|---|---|---|
| Gross Revenue* | 15,749 | 13,698 | 15,797 | 58,115 | 60,562 |
| Net Revenue | 13,521 | 11,736 | 13,708 | 50,183 | 52,768 |
| Adjusted EBITDA** | 2,512 | 2,802 | 2,240 | 10,231 | 9,700 |
| Depreciation & Amortization | 995 | 636 | 873 | 2,822 | 2,691 |
| Finance Cost (Net) | 321 | 315 | 371 | 1,294 | 1,446 |
| PBT (before exceptional) | 1,164 | 1,927 | 959 | 6,241 | 5,855 |
| Exceptional Gain/(Loss) | - | - | (153) | - | (1,369) |
| Reported PAT/(Loss) | 933 | 1,928 | 466 | 5,943 | 3,193 |
* Incl. GST (goods and service tax) and Other income
** Adjusted for one-off FX Loss of INR 68 Cr in Q4FY24, INR 53 Cr in Q4FY23, INR 30 Cr in FY24, Fx Gain of INR 41 Cr in Q3FY24, and INR 235 Cr FY23
| PARAMETER | Q4FY24 | Q3FY24 | Q4FY23 | FY24 | FY23 |
|---|---|---|---|---|---|
| Gross Revenue* | 15,847 | 13,485 | 15,490 | 57,504 | 59,019 |
| Net Revenue | 13,788 | 11,545 | 13,403 | 49,766 | 51,229 |
| Adjusted EBITDA** | 2,501 | 2,715 | 2,178 | 10,124 | 8,562 |
| Depreciation & Amortization | 563 | 530 | 559 | 2,216 | 2,166 |
| Finance Cost (Net) | 210 | 195 | 365 | 921 | 1,286 |
| PBT (before exceptional) | 1,762 | 1,994 | 1,248 | 7,151 | 6,130 |
| Exceptional Gain/(Loss) | - | - | (146) | - | (3,258) |
| Reported PAT/(Loss) | 1,282 | 1,484 | 789 | 5,273 | 2,427 |
* Incl. GST (goods and service tax) and Other income
** Adjusted for one-off FX Gain of INR 18 Cr in Q4FY24, INR 4 Cr in Q3FY24, INR 79 Cr in Q4FY23, INR 971 Cr in FY23 and Fx Loss of INR 38 Cr in Q4FY23
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Forward Looking and Cautionary Statements:
The release notes that certain statements about future growth prospects are forward-looking and carry risks and uncertainties that could cause actual results to differ materially. Cited risk factors include earnings fluctuations, the company's ability to manage growth, intense competition in the steel industry, cost advantages, time and cost overruns on fixed-price contracts, operational management, and reduced demand for steel or power. The company states it has no obligation to update these forward-looking statements, and notes that the figures in the release — including balance sheet items — are provisional and may change based on future restatements or regrouping of items.