The company said that the revenue growth in Q3FY23 was driven by volume and price growth in both sponge iron and iron ore. However, with 30 per cent larger volumes, iron ore took the lead in momentum.
Besides, the company posted consolidated profit after tax of Rs 230 crore during the quarter, as against net loss of Rs 26 crore in Q3FY22. Earnings before interest, taxes, depreciation, and amortization (ebitda) margin, too, improved 435 bps to 24.94 per cent from 20.55 per cent, in a year ago quarter.
DRI (direct reduced iron) production and sales remain buoyant and stable for Q3FY23. The company reported higher production as capacity utilisation jumped nearly 90 per cent against an average of 75 per cent.
"We have been progressing well in terms of approvals & procedures required for expanding the mining capacity to 10 MTPA. The company has applied for all necessary approvals and is awaiting Final EC clearance," the company said.
The company’s Q3FY23 performance was backed by solid execution, improvement in demand and favourable product mix on the iron ore front. Along with robust mining performance, the sponge iron & power segment, too, demonstrated solid performance.
The company mined its annual rated capacity of 3 million tonnes of iron ore in 9MFY23 and dispatched 4.48 million tonnes.
"The upcoming 72,000 tonnes of sponge iron capacities are progressing well and are expected to add significantly to the company’s revenue in FY24. The company remains strongly poised for higher highs as it scales up mining output and higher sponge production. The company remains debt free and shall continue to remain so, as we plan to undertake projects majorly from internal accruals," the company added.
In the past two months, the stock price of Lloyds Metals zoomed 67 per cent. In the past one month, it rallied 40 per cent, as compared to 1.8 per cent rise in the S&P BSE Sensex.
On December 13, 2022, the Maharashtra State's cabinet sub-committee on industries cleared 13 projects worth Rs 70,000 crore, including as many as three large projects worth Rs 35,520 crore, that will come up in Gadchiroli and Chandrapur districts. Of this, it has cleared a project worth Rs 20,000 crore by Lloyds Metals and Energy. The company had clarified that these approvals are preliminary and require a series of regulatory and internal approvals.
Great minds don’t just skim the surface, they uncover the full story.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Months
Smart Essential
₹2,700
1 Year
₹225/Months
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 premium stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app