SHYAM METALICS Q2 : CONS NET PROFIT UP 96.2% AT ₹511 CR (YOY), UP 45.7% (QOQ). STRONG (ON 1ST LOOK)

Revenue up 33.4% at ₹5,960 Cr (YOY), up 9.3% (QOQ). Ebitda up 40.9% at ₹857 Cr (YOY); margins 14.4% v 13.6% (YOY), 14.9% (QOQ). Operating Ebitda up 52.6% at ₹823 Cr (YOY); operating margin 13.8% v 12.1% (YOY), 14.0% (QOQ). Total sales volume up 26% YoY to 15.49 lakh tonnes; acquired 51% in Alom Solar for Phutamura coal block, total capex ₹360 Cr, co contribution ~₹183.6 Cr, expected incremental Ebitda ~₹400 Cr by FY31. Caution: shifted to straight-line depreciation from WDV this quarter.

Shyam Metalics and Energy Limited

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