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Iron & Steel Products company BMW Industries announced Q4FY24 results:
• Total income stood at Rs 13,754 lakhs for Q4FY24
• Gross Profit stood at Rs 10,899 lakhs, up 33.9% over Q4FY23. Gross Profit Margin was at 79.4%
• EBITDA stood at Rs 3,923 lakhs in Q4FY24, up 21.3% YoY and up 19.0% QoQ. EBITDA Margin was at 28.5%
• PAT stood at Rs 1,903 lakhs against Q4FY23 PAT of Rs 1,629 lakhs, up 16.8%. PAT Margin was at 13.8%
• EPS stood at Rs 0.84 as against Rs 0.72 in Q4FY23
• Dividend Payout of ~15% for FY24
• Net Debt stood at Rs 9,937 lakhs as against Rs 22,998 lakhs in March 2023
• Net Debt/EBITDA improved further to 0.66 from 1.66 in March 2023
Commenting on the results, Ram Gopal Bansal, Chairman, BMW Industries Limited said: “We are happy to announce that our company's Total Income grew by 5.4% year-over-year to Rs 60,247 lakhs for FY24, and Q4’FY24 Total Income stood at Rs 13,754 lakhs.
We are also pleased to announce that the Board of Directors has recommended a final dividend of Rs 0.21 per share, subject to shareholder approval. This is in addition to the previously announced interim dividend of Rs 0.22 per share. Together, these dividends translate to a dividend payout of ~ 15% for FY24.
Gross Profit has increased significantly to Rs 10,899 lakhs from Rs 8,143 lakhs YoY. This represents a sharp improvement in gross profit margin, rising from 60.2% in Q4FY23 to 79.4% in Q4FY24. The primary driver behind expansion of margin is the decrease in certain consumables price, which is a pass through.
EBITDA grew by an impressive 21.3% YoY to Rs 3,923 lakhs, while the EBITDA Margin expanded significantly by 524 basis points YoY, reaching 28.5%.
PAT followed a similar upward trend, rising from Rs 1,629 lakhs in Q4FY23 to Rs 1,903 lakhs in Q4FY24. PAT for the year grew by 17.0% and stood at Rs 6,375 Lakhs. PAT margin stood at 10.6% as against 9.5% in the previous year.
Our Net Debt position has improved significantly. Despite taking on new debt to fund our Tube Mill expansion, our Net Debt has been reduced to Rs 9,937 lakhs in March 24, compared to Rs 22,998 lakhs in March 23. This demonstrates our strong financial management and ability to generate cash flow.
It gives me immense pleasure to also announce the recent inauguration of our new Tube Mill facility, a key milestone in our ongoing expansion plan. This expansion strengthens our commitment towards reaching 1 million MT capacity of tube mill.
We remain focused on maximizing capacity utilization. This, combined with our ongoing expansion plans, will play a key role in driving robust revenue growth. The reduction in net debt, coupled with our strong revenue growth, positions us well for securing sustainable margins.”
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