BMW Industries reports Q2 & H1 FY23 Consolidated Financial Results

BMW Industries Limited (BSE: 542669) (herein referred to as "BMWIL"), one of the leading manufacturing company in the steel sector engaged in the Manufacturing of HRPO Coils, CR Coils, GP Coils, GC Sheets, MS and GI pipes, TMT rebars, etc, and Processing the same for various marquee steel players in India, today announced financial results for the quarter and half year ended 30th September 2022.

Total Income:

- In Q2FY23 at Rs. 1,508 Mn as compared to Rs. 1,053 Mn in Q2FY22, a growth of 43% YoY
- In H1FY23 at Rs. 2,898 Mn as compared to Rs. 2,206 in H1FY22, a growth of 31% YoY

EBITDA:

- In Q2FY23 was at Rs. 343 Mn compared to Rs. 292 Mn in Q2FY22, a growth of 18% YoY
- In H1FY23 was at Rs. 644 Mn compared to Rs. 619 Mn in H1FY22, a modest growth of 4% YoY

PAT:

- In Q2FY23 stood at Rs. 124 Mn compared to Rs. 103 Mn in Q2FY22, a growth of 20% YoY
- In H1FY23 was at Rs. 210 Mn compared to Rs. 213 Mn in H1FY22

Commenting on the Q2FY23 performance, Mr. R. G. Bansal, Chairman and Executive Director of BMWIL said,

Financials: We are pleased to announce a robust quarter, which demonstrates our strong execution capabilities and commitment to provide the best services to our customers while also creating value for our stakeholders. During the quarter, the company concentrated on enhancing efficiencies, which was reflected in the reported numbers wherein operational profit has increased significantly.

Order Book: The company signed a prestigious contract with Tata Steel to process 3,00,000 MT of TMT rebars per year aggregating to revenue of approximately Rs. 80 crores, together with other ongoing long-term contracts, provides the company with revenue visibility and rich operational margins going forward.

Sustainability: At BMWIL, a commitment to Environment is integral to our existence. We feel it is our fundamental obligation to protect the environment and to take the initiative to invest in it. The company has taken the first step toward reducing carbon footprints and transitioning to green energy and is planning to install renewable energy at its facilities, which will lower expenses and reduce carbon emissions.

Going forward, the company's robust order book and cost-cutting measures will allow it to boost overall profitability, creating value for its stakeholders.

Shares of BMW Industries Ltd was last trading in BSE at Rs. 27.15 as compared to the previous close of Rs. 27.25. The total number of shares traded during the day was 3929 in over 93 trades.

The stock hit an intraday high of Rs. 27.40 and intraday low of 26.50. The net turnover during the day was Rs. 106528.00.

Source : Equity Bulls

Keywords

BMWIndustries INE374E01021 Q2FY23 H1FY23 ResultUpdate