Visakhapatnam, India, January 30, 2025 – Steel City Securities Limited (NSE: STEELCITY) has released its unaudited financial results for the third quarter (Q3) and nine-month period ended December 31, 2024. The company reported steady financial performance along with key corporate announcements, including board appointments and executive remuneration revisions.
Key Financial Highlights (Standalone)
(₹ in Lakhs)| Particulars | Q3 FY25 | Q2 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 | FY24 (Audited) |
|---|
| Revenue from Operations | 1,622.66 | 1,849.31 | 1,357.43 | 5,188.35 | 4,175.51 | 5,905.94 |
| Other Income | 81.30 | 161.66 | 78.88 | 324.26 | 234.55 | 349.26 |
| Total Income | 1,703.96 | 2,010.97 | 1,436.31 | 5,462.61 | 4,410.06 | 6,255.23 |
| Employee Benefit Expenses | 300.92 | 384.29 | 282.76 | 981.20 | 927.47 | 1,271.92 |
| Other Expenses | 723.11 | 861.33 | 696.11 | 2,363.97 | 2,250.71 | 3,162.87 |
| Profit Before Tax (PBT) | 596.93 | 632.41 | 363.74 | 1,756.45 | 992.28 | 1,556.44 |
| Net Profit After Tax (PAT) | 431.36 | 493.37 | 261.11 | 1,306.73 | 718.38 | 1,148.54 |
| Basic EPS (₹) | 2.86 | 3.27 | 1.73 | 8.65 | 4.76 | 7.55 |
Steel City Securities reported a
YoY revenue growth of 19.5%, with a
YoY net profit increase of 65.3% for Q3 FY25.
Segment-Wise Performance
(₹ in Lakhs)| Segment | Q3 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 |
|---|
| Stock Broking & DP Operations | 1,121.60 | 914.18 | 3,793.77 | 2,597.12 |
| E-Governance Operations | 582.45 | 522.13 | 1,668.83 | 1,812.94 |
| Total Revenue | 1,703.96 | 1,436.31 | 5,462.61 | 4,410.06 |
Stock broking and DP operations remain the largest revenue contributor, growing
22.7% YoY for the quarter.
Board Meeting Outcomes & Corporate Announcements
1. Appointment of Additional Independent Director
The board has appointed
Sri Ch. Murali Krishna as an
Additional Non-Executive Independent Director, effective
January 30, 2025. His appointment will be regularized through a postal ballot process.
Brief Profile:- Over 26 years of experience in business development and stock market operations.
- Former legal practitioner for three years.
- Involved in the construction business since 2008.
2. Executive Remuneration Increases
The board approved remuneration hikes for the following executives, effective
April 1, 2025, subject to shareholder approval via postal ballot:
| Name | Designation | Current Salary (₹ Lakhs p.a.) | Revised Salary (₹ Lakhs p.a.) |
|---|
| Sri K. Satyanarayana | Executive Chairman | Not Disclosed | 54.00 |
| Sri Satish Kumar Arya | Managing Director & CEO | Not Disclosed | 54.00 |
| Sri T.V. Srikanth | Director (IT) | Not Disclosed | 34.80 |
Auditor's Review
The
independent auditors, Rao & Kumar, conducted a
limited review of the financials and provided an
unmodified opinion, stating that:
- The financial results comply with Indian Accounting Standards (Ind AS) 34.
- No material misstatements were identified.
- The consolidated results include the financials of Steel City Commodities Pvt Ltd (Subsidiary) and Steel City Financial Services Pvt Ltd (Associate).
Strategic Outlook
With consistent growth in
stock broking and DP services, along with robust e-governance revenue, Steel City Securities is positioned well in the financial services domain. The appointment of a seasoned independent director and revised executive pay structure signal the company's strategic expansion plans.
