Indian steel manufacturer Shyam Metalics and Energy’s iron and steel sales volumes rose by 37pc to 830,000mt in Q1 (Apr-June) of FY22 compared to the prior-year quarter, according to the company’s press release.
In Q1, iron ore pellet sales contributed 52pc to the total sales volume at 430,000mt, followed by finished steel and intermediates each contributing 22pc or 180,000mt and the rest was ferro products at 5pc or 40,000mt.
The baseline figure of steel volume for the previous year was low since the Indian government had imposed a nationwide lockdown in Q1 2020 to control the spread of the COVID-19 pandemic. In that period, domestic steel mills had reduced production amid weak demand.
Shyam Metalics’ EBIDTA surge by 353pc to Rs6,880mn ($92.24mn) and PAT increased by 470pc to Rs4,580mn in Q1. Revenues grew 170pc to Rs24,650mn from a year ago.
Rebar, structural and pipes segment contributed 33.9pc of total revenues, followed by iron pellets at 25.7pc, ferroalloys 15.7pc, sponge iron 13.9pc and steel billets 10.8pc.
The company is planning to expand its installed metal capacity to 11.54mn mt from 5.71mn mt between FY2022-FY2025.
Shyam Metalics’ is an integrated long steel producer based in East India with manufacturing facilities in Sambalpur, Odisha and Jamuria, West Bengal.