During the quarter, EBIDTA improved by 100% to Rs 460.8 crore, EBITDA margins rose by 285 basis points to 27.56% in Q3 FY24 as compared with the same period last year. The EBITDA margin resulted into 23.9% for Q3 FY24.

Lloyds Metals' dispatch volumes stood at Rs 1923.62 for Q3 FY24 higher by 86.87% YoY. Iron ore mining volumes for Q3FY24 stood at 2.60mn tonnes higher by 43.5% YoY. DRI segment reported the highest-ever quarterly production at 81,581, higher by 35% YoY. Power also reported healthy performance, with 15% higher production YoY for Q3FY24. Higher Realisations and higher offtake resulted in such healthy performance from the power division.

Lloyds Metals has commenced seed marketing of pellets through the Mandovi River Pellet Plant (MRPL), a strategic partner. This collaboration involves the sale of iron ore fines to MRPL, which transforms them into pellets for subsequent sale to Lloyds Metals. MRPL has an annual pellet production capacity of 2 million tonnes, providing a significant market potential for Lloyds Metals iron ore. During the year, the company initiated a trading venture focused on pellets.

Rajesh Gupta, managing director, said: “Reviewing our Q3 and 9M FY24 performance, we are pleased to report a substantial 92% YoY surge in revenue and a robust 100% YoY increase in EBITDA for Q3FY24. Our financial landscape has reached new heights, crossing the monumental Rs 5,000 crore in revenue for 9MFY24. Operational steadfastness is evidenced by the doubling of iron ore dispatch to 8mn tonnes in 9MFY24 from 4.2mnt in 9MFY23. Q3FY24 witnessed a historic high in sponge iron production via the highest-ever production, reflecting our operational efficiency.

Board approvals have now set the stage for our ambitious capex plans, heralding a transformation into a significant steel player in India. Our strategic focus revolves around cost efficiency, underpinned by integrated operations, technological landscapes, state government support, and a discerning capital allocation strategy. As we steadily advance, we believe this marks the initial phase of our journey, positioning us as a noteworthy contender in the Indian steel sector for the time to come. The resonance of success reverberates through every milestone, driving us towards greater prominence in the industry. We are adequately preparing ourselves to undertake this mammoth task of our ambitious capex programme. We remain steadfast in our commitment to unwavering support for all our clients, employees, and shareholders as we navigate the path ahead with resilience and dedication.”

Lloyds Metals and Energy is a metals and mining company engaged in mining iron ore, manufacturing sponge iron and generating power.

The scrip fell 2.25% to settle at Rs 592.60 on Saturday, 20 January 2024.