India-based Vardhman Special Steel recorded sales of 12,487mt in the first quarter of the fiscal year 2021 ending in March. Sales declined by 66pc from the prior-year period as the country went into lockdown to contain the spread of COVID-19. The period was marked by a decline in economic activities and production cut by various OEM’s.
The company’s operational revenue fell by 72pc to Rs678.6mn in Q1 FY2021 compared to the prior-year quarter.
The company caters to sectors like automotive, engineering, tractor, bearings, and allied industries. Vardhaman also sells steel for forging applications in international markets like Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam, and Japan.
Operational and financial performance Q1 FY21:
|Particulars||Q1 FY21||Q1 FY20||Y-o-Y change|
|Sales Volume (mn mt)||12,487||36,658||-65.94pc|
|Revenue from Operations*||678.6mn||2.41bn||-71.82pc|