Steel manufacturer Shyam Metalics recorded a revenue of Rs 2,472.81 crore in the first quarter of FY 2021, a 2.5x surge over the corresponding quarter in 2020 when total revenue stood at Rs 911.84 crores. The company, which got listed on the stock markets last month, released its quarterly financial results for Q1FY21 on Monday.
The Profit after tax or the net profit for Shyam Metalics stood at Rs 458.01 crore in Q1 as against Rs 80.36 in the year-ago quarter. The company earned a profit of Rs 387.70 crore in the previous quarter.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) recorded a massive increase, jumping to Rs 687.6 Cr from Rs 151.9 Cr during the first quarter of FY2020. Meanwhile, the EBITDA margin for the latest quarter stood was recorded at 27.9% as compared to 16.6% in the corresponding quarter last year.
The steel manufacturer’s revenue generated from operations came out to be Rs 2,465.03 crore while Rs 7.78 crore came through other sources of income in the first quarter. Its total expenses stood at Rs 1,777.40 crore, more than doubling from Rs 759.96 crore as of 30 June 2020.
For the financial year 2020-21, the company’s total income was recorded at Rs 6,320.79 crore while the profit after tax (PAT) stood at Rs. 843.56 crores.
Shyam Metalics had released its public issue worth Rs 909 crore in June 2021 which got subscribed by 121.43 times. The stock provided a strong listing gain to investors, surging by 24.18% on debut from its IPO price of Rs 306 per share. The company’s quarterly results enthused the investors with the share price rallying by 5.59% in morning trade. As of 1 PM on Monday, the share price stood at 454.25, gaining by 5.59% or Rs 24.05 on the national stock exchange(NSE)