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Systematix Report
Metals and mining Q4 FY24 earnings were mixed, largely in line with expectations, barring a few exceptional scenarios. We saw sales volume growth across our coverage companies indicating strong domestic demand. Sustained exports and topline growth in international operations indicated economic recovery overseas.
Primary producers saw notable volume growth led by incremental volumes from commissioning various capacity expansion projects. Increased focus on downstream and value-added products enabled better-than-expected steel realisations.
Higher volumes also helped partially offset higher coking coal costs during the quarter, resulting in stable or marginally lower Ebitda margins QoQ. On a YoY basis, absolute revenue and Ebitda contracted for a majority of our coverage companies due to lower metal prices partially offset by higher volumes for a few.
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