Man Industries (India) Ltd on Tuesday recorded its fisca fourth quarter profit at Rs 24.13 crore, down 19.1 per cent in comparison to Rs 29.83 crore during the corresponding quarter of previous fiscal year. It posted revenue from operations at Rs 810.68 crore, up 35.6 per cent as against Rs 597.66 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 58.4 crore, up 43.1 per cent on-year.
For the full year FY24, the company reported a consolidated Revenue of Rs 3142.2 crore, up 40.8 per cent against Rs 2231.3 crore in FY23, with an EBITDA of Rs 293.2 crore. Profit after tax (PAT) for FY24 stood at Rs 105.2 crore vs Rs 68.00 crore (+54.6 per cent YoY).
None the less, Man Industries said, the reported PBT and PAT are quite strong on a year-over-year basis. Still, it expects further stronger and more sustainable PBT and PAT going forward. “During FY24, we witnessed a higher depreciation and interest costs that were on account of ERW mill capex, whose production was delayed due to certification and approval process,” it said in a regulatory filing.
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The current unexecuted order book, as of today, stood at approximately Rs 2100 crore, to be executed within the next 6 months. The company’s net cash position stood at Rs 174.4 crore (as compared to a net debt position of Rs 125.1 crore as on FY23).
“Man Industries recently announced and settled benchmark in the industry for successful testing of hydrogen transportation pipe by one of the prestigious international testing agencies. Going forward, we are confident enough to take the first mover advantage and which will enhance our order book significantly as all the lines will be virgin lines,” it said.
Nikhil Mansukhani, Managing Director, MAN Industries (India) Limited, said, “On operation front, recently we have announced additional order of Rs 505 core to be concluded in next 6 months. From the beginning of the calendar year 2024, we have secured total order book of Rs 1480 crore. We envisage a strong order book for coming quarters and are hopeful for the stronger performance going forward. Having said that, our ERW mill has successfully received API (American Petroleum Institute) Certification, these pipes are usually required in O&G industry and with higher margin. Although we have started our ERW Mill in late financial year, we are quite hopeful that, the current financial year would be a sustainable year for our ERW segment. Your company is aggressively heading towards its expansion plans for both SAW and Stainless-Steel Seamless Tubes, which are very much on track. We believe we can fulfil our commitments towards all our stakeholders.”
From: financialexpress
Financial News
