Iron & Steel company Lloyds Metals & Energy announced Q4FY24 & FY24 results:
Financial Highlights:
- Q4FY24 Revenue was 74% YoY, led by Higher sponge and Iron ore volumes. FY24 revenue, too, witnessed a robust growth of 90% YoY, which was predominantly led by higher iron ore volumes.
- EBITDA, too, replicated the revenue performance, growing by 153% YoY in Q4FY24 and 101% for FY24. Both iron ore and Sponge led such robust performance.
- Company has incurred a capex of Rs 16,900 mn in FY24.
- Dividend Declared for FY24 at100% (Face Value-Re 1)
Iron Ore Segment:
- Iron ore mining volumes for Q4FY24 stood at 2million tonnes. For FY24, iron ore volumes stood at 10mn tonnes higher by 88.7% YoY.
- EBITDA per tonne for Q4FY24 stood at Rs 2,375, higher by 18.5% YoY and for FY24 it stood at INR1714, higher by 24.6% YoY.
DRI & Power Segment:
- DRI segment reported Q4FY24 production at 67,242, higher by 30% YoY. For FY24, the Dri volumes were higher by 29% YoY.
- Power also reported healthy performance, with 5% higher sales YoY for Q4FY24.
Commenting on overall performance, Rajesh Gupta– Managing Director, said: Embracing the triumphs of FY24, we stand before stakeholders with a resounding sense of optimism. Our company's journey through this fiscal year has been nothing short of extraordinary, marked by unparalleled growth and unwavering commitment to excellence. The remarkable surge in FY24 EBITDA, with Q4FY24 witnessing a staggering 153% YoY growth and FY24 overall experiencing a robust 101% YoY increase, reflects our unwavering dedication to financial strength and operational efficiency. This outstanding performance underscores our strategic foresight and ability to capitalise on market opportunities. Iron ore mining volumes for Q4FY24 stood at 2mn tonnes, with FY24 volumes reaching 10mn tonnes, marking an 88.7% YoY increase. Additionally, DRI volumes for FY24 were higher by 29% YoY, attributed to the successful operation of the new DRI facility at Konsari.Guided by this roadmap, our capex program advances steadily, laying the foundation for transformative change. The upcoming expansion of our iron ore mining capacity to 55 million tonnes is a pivotal milestone in our company's history, poised to redefine our industry standing. Our capex plans, including the progress on key facilities such as the 85-kilometer slurry pipeline and the 360-kilotonne DRI plant, are swiftly advancing. As we embark on the journey ahead, we remain filled with optimism, envisioning a future filled with boundless possibilities.