Vardhman Special Steel - Healthy FY21 Performance: ICICI Direct

Lengths of red hot steel emerge from a shaping machine in the rolling shop. (Photographer Andrey Rudakov/Bloomberg)

Vardhman Special Steel - Healthy FY21 Performance: ICICI Direct


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ICICI Direct Report

Vardhman Special Steel Ltd. reported a healthy set of Q4 FY21 numbers on the back of strong demand from the automobile sector.

Sales volume for the quarter was at 47828 tonnes, up 34% YoY, 4% QoQ.

Topline came in at Rs 334.5 crore, up 63% YoY, 16% QoQ. Topline growth was on the back of higher sales volume and price increase, which came into effect from January 2021.

Ensuing Ebitda came in at Rs 52.3 crore, up 231% YoY, 32% QoQ.

Ebitda margin for the quarter was healthy at 15.6% (13.7% in Q3 FY21, 7.7% in Q4 FY20).

The robust Ebitda performance was primarily on the back of increase in sales volumes, price increase, better realisations and higher operational efficiencies.

Click on the attachment to read the full report:

ICICI Direct Vardhman Special Steel Company Update.pdf


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