ICICI Direct: Maharashtra Seamless Posts Steady Operational Performance Amid Challenging Enviroment  
ERW Pipes manufactured by Maharashtra Seamless Ltd. (image: Company website)

ICICI Direct: Maharashtra Seamless Posts Steady Operational Performance Amid Challenging Enviroment  


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Maharashtra Seamless Ltd. reported an operationally steady performance for Q1 FY21 wherein the company was able to maintain its Ebitda margins despite a challenging market scenario.

Consolidated topline for the quarter was at Rs 459 crore (down 34% YoY, 22% QoQ). Seamless pipe sales volume for the quarter was at 44900 tonnes (down 36% YoY, 34% QoQ).

Similarly, electrical resistance welding (ERW) volumes for the quarter were at 13184 tonnes (down 18% both QoQ as well as YoY).

On a consolidated basis, the company reported an Ebitda margin of 22.0% (compared to 22.2% in Q1 FY20, 17.7% in Q4 FY20).Consolidated Ebitda was at Rs 101 crore (down 3% QoQ, 35% YoY).

For the consolidated operations, for the quarter, depreciation expense were at Rs 29 crore (up 4% QoQ, 45% YoY), finance cost was at Rs 16 crore (up 13% QoQ but down 12% YoY) while other income was at Rs 17 crore (down 10% YoY).

Ensuing consolidated profit after tax for the period was at Rs 45 crore (down 41% YoY).

Click on the attachment to read the full report:

ICICI Direct Maharashtra Seamless Q1FY21 Result Update.pdf


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