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Dolat Capital Report
Shyam Metalics and Energy Ltd.'s Q2 volume (all inclusive: ferroalloys, intermediaries, finished steel, iron ore pellets) came in at 0.83 kilo tonne (up 1% QoQ), a touch on the softer side given Q2 has been a better quarter QoQ for the sector in terms of volume.
The proportion of steel (finished plus intermediaries) was in-line with Q1.
Consolidated Ebitda came in at Rs 6.24 billion (down 9% QoQ) versus our expectation of Rs 6.6 billion. We would call this an in-line result, given the challenges in terms of higher iron ore prices and the uncertainty around that.
Shyam Metalics' Ebitda/tonne came in at Rs 17,000, better than our estimate of Rs 16,500. Hence, quality of the result is better than our expectation despite marginally lower Ebitda versus our estimates.
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