Shyam Metalics and Energy, one of the largest ferroalloy manufacturers in India and a leading player in pellet capacity, announced that its stainless steel production increased by 90% y-o-y to 8,175 metric tons (MT) in September 2024. The company reported that the production of specialty alloys increased by 12% y-o-y to 15,257 MT in the same period.
The production in the carbon steel segment increased by 49% to 1,37,513 MT. Sponge iron production increased by 29% to 85,098 MT in September 2024. Also, pellet production increased by 11% y-o-y to 91,794 MT.
The company recorded a consolidated net profit of Rs 276.14 crore (USD 33.2 million) in the first quarter of FY 2024-25, a 35.31% increase compared to Rs 204.08 crore (USD 24.6 million) in the first quarter of FY 2023-24. Revenue from operations increased by 8.36% y-o-y to Rs 3,611.61 crore (USD 435 million) in the quarter ended June 30, 2024.
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