Iron & Steel Products company Godawari Power & Ispat announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Consolidated Revenues from operations increased to Rs 1,530 crore due to increase in sales of value added products despite reduced realizations
- Consolidated EBITDA and PAT increased to Rs 329 crore and Rs 220 crore on YoY basis respectively despite decrease in pellets production and reduced realizations. This happened because of increased production and sales of value-added products, increased capacities & production of sponge iron and steel billets, cost savings due to solar power and operating leverage.
FY24 Financial Highlights:
- Consolidated Revenues from operations stood at Rs 5,455 crore The decrease is due to slight dip in production of pellets (planned maintenance shutdown in Q1FY24) and reduced realizations of all the products other than pellets and higher trading sales by Rs 249 Crores in previous year.
- Despite fall in realizations, Consolidated EBITDA and PAT increased to Rs 1,328 crore and Rs 937 crore because of cost savings due to solar power plants and use of high efficiency 48MW power turbine and operational leverage.
- Healthy balance sheet with Net Cash balance of Rs 1,056 crore
- Cash Flow From Operations increased to Rs 1,044 crore; up 5% compared to FY23
B.L. Agrawal, Managing Director, said, : “I am delighted to share that we have ended FY24 on a great note. With enhanced capacities of sponge iron, steel billets and solar power, cost savings through solar power and highefficiency 48 MW power turbine, operational efficiencies, team work, we have delivered significant increase in operating margins and profits for FY24 despite decrease in revenues due to decreased realizations in value added products. Healthy Net Cash Balance Sheet, strong Capex Plan of more than doubling the capacities of Iron Ore Mining, Pellets & Integrated Steel Plant, improved operational efficiencies, cost savings due to solar power plants, competitive advantage of captive iron ore mines and support from all the stakeholders, we are confident to perform with excellence for years to come.”