Mumbai, 16th November 2024: MAN Industries (India) Ltd., one of the leading Large Diameter SAW Pipe manufacturing companies, has announced its financial Results for the half year and quarter ended September 30, 2024. On half yearly basis, In H1FY25, the company reported a Standalone Revenue at Rs. 1,536.9 Crores (+4.4 % Y-o-Y basis) with an EBITDA of Rs. 139.5 Crores (-4.5 % Y-o-Y basis) and a margin of 9.1%. Profit after tax (PAT) stood at Rs. 59.2 Crores (+6.9 % Y-o-Y basis). Further, the company reported a Consolidated Revenue at Rs. 1554.9 Crores (+3.8 % Y-o-Y basis) with an EBITDA of Rs. 132.3 Crores (-6.5 % Y-o-Y basis). Profit after tax (PAT) stood at Rs. 50.9 Crores (+1 % Y-o-Y basis).
On a quarterly basis, in Q2FY25, the company reported a Standalone Revenue of Rs. 805.0 Crores (+10.0% QoQ) with an EBITDA of Rs. 77.6 Crores (+25.6% QoQ basis) and a margin of 9.6%. Profit after tax (PAT) stood at Rs. 35.1 Crores (+45.3% QoQ basis). Further, the company reported a Consolidated Revenue of Rs. 806.2 Crores (+7.7% QoQ) with an EBITDA of Rs. 74.5 Crores (+28.7% QoQ basis). Profit after tax (PAT) stood at Rs. 31.9 Crores (+67.2% QoQ basis).
Although, the industry faced a decline of ~15% in steel prices from its high in recent months. Your company witnessed a growth of 7.7 % Q-o-Q basis sequentially on account of sales volume growth. The current unexecuted order book, as of today, stands at approx. Rs. 3,100 Crores+, to be executed within the next 12 to 18 months. The company has sound financial health with Net Cash position of Rs.201.8 Crores** as on September 30, 2024.
Man Industries (India) Ltd. has received approval for coating, including external and internal anticorrosion coating and concrete weight coating at Anjar, fully complying with Shell’s Design and Engineering Practices (DEPs) and approval from ADNOC for our Hot Induction Bends. Further, our Anjar Pipe Manufacturing and Coating Complex has successfully achieved recertification by the American Petroleum Institute (API). This comprehensive certification includes pipe manufacturing (LSAW, HSAW, and ERW) and external/internal anticorrosion coating facilities in Anjar, Gujarat, ensuring the highest standards of product quality, safety, and efficiency.
Reflecting on the company’s H1/Q2FY25 performance, Mr. Nikhil Mansukhani, Managing Director, MAN Industries (India) Limited, said, “We are happy to announce a sustainable quarter. The industry faced a decline of 15% in steel prices from its high in recent months. Having said that, your company witnessed a growth of 7.7 % Q-o-Q basis sequentially on account of higher sales volumes. Our promising guidance for the financial year is intact. On the operational front, we have a strong order book of Rs +3,100 Crores to be concluded in the next 6 to 12 months. We envisage a strong order book for coming quarters and are hopeful for a stronger performance going forward. Having said that, your company is aggressively heading towards its expansion plans for both SAW and Stainless-Steel Seamless Tubes, which are very much on track. We believe we can fulfil our commitments towards all our stakeholders.”