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