Alicon Castalloy announces Q1 FY22 Earnings

Alicon Castalloy Ltd (Alicon), one of the leading integrated manufacturers of aluminum castings in India, announced its financial results for the quarter ended June 30, 2021.

Financial Performance Highlights

Performance Review for Q1FY22 vs. Q1FY21

- Total Income at Rs. 211.68 crore compared to Rs. 53.66 crore
- EBITDA at Rs. 18.03 crore compared to Rs. (23.42) crore
- PBT at Rs. (3.22) crore as compared to Rs. (44.73) crore
- Profit after Tax at Rs. (4.20) crore compared to Rs. (43.99) crore

Performance Review for Q1FY22 vs. Q4FY21

- Total Income at Rs. 211.68 crore compared to Rs. 323.08 crore
- EBITDA at Rs. 18.03 crore compared to Rs. 49.07 crore
- PBT at Rs. (3.22) crore as compared to Rs. 27.60 crore
- Profit after Tax at Rs. (4.20) crore compared to Rs. 25.33 crore

Commenting on the performance, Mr. Rajeev Sikand, Group CEO, Alicon Castalloy said, "We have reported a resilient performance in the quarter despite challenges in the operating environment in India caused by the severe second wave. During this period, we witnessed subdued offtake by OEMs and other customers, which impacted our volumes, particularly in the months of April and May. However, as restrictions eased, there was a hint of a revival in June which has gained further traction in July. On the exports front, we reported a strong sustained growth led by continued demand in key geographies.

I am delighted to share that we have successfully concluded our fund raise aggregating to Rs. 80 crore through a QIP in June. The fund raising exercise witnessed a high level of interest and has been 100% allotted to marquee Domestic Institutional Investors. This was followed by a preferential issue aggregating Rs. 30 crore to our promoters and our large, non-institutional investor in July. This capital will enable us to execute on our large order backlog with growth visibility spanning multiple years. We will also take the opportunity to reduce debt and strengthen the balance sheet further.

As we look ahead, the enquiry pipeline is robust and the global auto sector is poised for a growth revival after several challenging years. Even as electric mobility is the preeminent growth driver for the industry at present, other opportunities for accretive growth are emerging. Overall, we remain future-ready and look forward to a positive fiscal ahead."

Shares of Alicon Castalloy Limited was last trading in BSE at Rs. 774.5 as compared to the previous close of Rs. 788.95. The total number of shares traded during the day was 3451 in over 521 trades.

The stock hit an intraday high of Rs. 787.8 and intraday low of 750.8. The net turnover during the day was Rs. 2647856.

Source : Equity Bulls

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