Lloyds Metals and Energy posts Q1 net loss at Rs 930 cr

Lloyds Metals and Energy reported a net loss of Rs 930.33 crore in Q1 FY23 as against a net loss of Rs 0.18 crore posted in the corresponding quarter previous year.

Revenue from operations jumped 780% year on year to Rs 842.68 crore in the quarter ended 30 June 2022.

Total expenses surged 468.7% YoY to Rs 591.23 crore and cost of raw materials consumed rose 55% YoY to Rs 119.46 crore in Q1 FY23. Employees' benefits expense was up 78.6% YoY to Rs 7.18 crore in the quarter ended 30 June 2022.

The company said that YoY comparison is not applicable as Iron Ore production restarted in H2-FY2022.

During the quarter, the iron and steel company has reported an exceptional expense of Rs 1,194.40 crore. The company said that the exceptional item has arisen pursuant to an arbitration award under which the company is liable to pay the amount. There is no cash outflow for the company as the amount is being paid by way of 0% optionally fully convertible debentures (OFCD's). The OFCD's when converted will result in a dilution of equity capital to the extent of 6 crore equity shares.

Operating EBITDA jumped to Rs 261.9 crore for the quarter ended 30 June 2022 as against Rs 1.9 crore posted in the quarter ended 30 June 2021. The operating EBITDA margin improved to 31.08% as on 30 June 2022 as compared with 1.99% as on 30 June 2021. The company said that the turnover and EBITDA in Q1 FY23 exceeded that of the entire previous financial year.

Lloyds Metals & Energy is into the business of manufacturing of Sponge Iron, Power generation and mining activities.

Shares of Lloyds Metals and Energy closed 0.44% lower to end at Rs 146.40 on the BSE.

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