• Standalone revenues came in at lower 15% YoY and higher 1.6% QoQ. Consolidated PAT lower 87% YoY and 92% QoQ. Standalone volumes came in at 4.0MT, in line with higher 10% YoY and 12% QoQ with a recovery in demand driven by restocking in the supply chain. Blended steel realizations surprised negatively at lower 23% YoY and 7% QoQ.

• Standalone EBITDA was 10% below estimates despite a one-time operating income of INR2.5bn on account of assignment of a procurement contract for the supply of industrial gases. Consolidated EBITDA lower 18% YoY on account of lower than expected standalone EBITDA.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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