Kolkata, January 31, 2025
Electrosteel Castings Limited (NSE: ELECTCAST, BSE: 500128) has announced its unaudited financial results for the quarter and nine months ended December 31, 2024. The Board of Directors approved the results at their meeting held on January 31, 2025.
Key Financial Highlights (₹ in lakhs)
| Particulars | Q3 FY2025 (31-Dec-24) | Q2 FY2025 (30-Sep-24) | Q3 FY2024 (31-Dec-23) | 9M FY2025 (31-Dec-24) | 9M FY2024 (31-Dec-23) |
|---|---|---|---|---|---|
| Revenue from Operations | 1,77,666.46 | 1,82,870.46 | 1,86,938.01 | 5,47,375.61 | 5,61,637.24 |
| Other Income | 3,920.68 | 2,114.56 | 2,277.57 | 8,446.39 | 8,446.39 |
| Total Income | 1,81,587.14 | 1,84,985.02 | 1,89,215.58 | 5,55,821.00 | 5,70,083.63 |
| EBITDA | 24,014.57 | 22,750.00 | 23,680.00 | 72,659.87 | 76,541.02 |
| Net Profit (PAT) | 5,769.95 | 5,473.70 | 8,459.73 | 20,220.41 | 27,082.79 |
| EPS (Basic & Diluted) (₹) | 2.59 | 2.51 | 4.42 | 8.75 | 8.75 |
Segment-Wise Performance
The company operates in a single primary business segment: Pipes and Fittings.Corporate Developments
- Singardo International Acquisition:
- Electrosteel completed the acquisition of Singardo International Pte. Ltd. on October 22, 2024, acquiring 99.11% stake for SGD 64.42 million (₹ 4,148.97 lakhs).
- The company has conducted fair valuation of the assets and liabilities of Singardo as per Ind AS 103 – Business Combination.
- Coal Block Compensation Dispute:
- The company continues to seek compensation for the Parbatpur Coal Block, which was canceled in April 2015.
- A valuation report has been submitted, and the final compensation amount is pending determination.
- JSW Steel Ltd. has taken possession of the coal block, and negotiations for movable property/assets used in coal mining are ongoing.
- Legal Dispute Over ESL Steel Limited Investment:
- The pledge on 1.73 crore equity shares of ESL Steel Limited (₹ 4,311.21 lakhs) was set aside by the Kolkata High Court, but the release of the pledge is still pending.
- Land Dispute at Elavur Plant:
- A mortgage dispute over land valued at ₹ 29,493.58 lakhs continues in Madras High Court.
- The company is challenging the symbolic possession taken by an asset reconstruction company.
Management Commentary
Umang Kejriwal, Managing Director, stated:"Despite a challenging macroeconomic environment, Electrosteel Castings continues to focus on operational efficiency and strategic expansion. The acquisition of Singardo International strengthens our global footprint, while we remain committed to resolving pending legal and regulatory matters in the best interest of our shareholders."
Outlook
- The company aims to expand exports and optimize operational efficiency.
- Legal disputes related to coal block compensation and land mortgages remain a key focus.
- The integration of Singardo International is expected to enhance international business revenues.