Revenue from operations rose by 2.6% YoY to Rs 3,306.8 in the first quarter of FY24.

Total raw material costs increased by 13% to Rs 2,391.5 crore in Q1 FY24 over Q1 FY23.

EBITDA declined by 33.3% to Rs 404.9 crore in Q1 FY24 from Rs 606.6 crore in Q1 FY23. EBITDA margin in Q1 FY24 was 12.2% as against 18.8% in Q1 FY23.

Blended EBITDA fell by 41% to Rs 7,812 per tonne in the first quarter from Rs 13,328 per tonne in the corresponding period last fiscal.

Profit before tax in Q1 FY24 stood at Rs 282.2 crore, down by 46% from Rs 526.9 crore in Q1 FY23.

Brij Bhushan Agarwal, vice chairman & managing director, said: "We are encouraged by the upward trajectory in sales of finished steel, with a robust 36% growth in volumes year on year. The company is progressing as per the strategic roadmap envisaged.

Today our board has approved a significant capex plan of Rs 3,915 crores, which will enable us to enhance our capacities further. Our present finished steel capacity of 2.7 MTPA will grow to 4.4 MTPA.

Cost advantage will be retained even with capacity expansion as we will grow our captive power generation from 377 MW to 597 MW. Sustainability being our top priority, renewable energy portfolio be enhanced more than ten fold, growing from existing 9.1 MW to 109.1 MW."

Shyam Metalics And Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is amongst the largest producers of ferro alloys, one of the leading players in terms of pellet capacity and the fourth largest player in the sponge iron industry in terms of sponge iron capacity in India.