Man Industries (India) Ltd reported a profit of Rs 24.13 crore for the fourth fiscal quarter, marking a 19.1 percent decline compared to Rs 29.83 crore in the same quarter of the previous fiscal year. Despite the drop in profit, the company posted a notable increase in revenue from operations, which rose by 35.6 percent to Rs 810.68 crore from Rs 597.66 crore in Q4 FY23. Additionally, the company’s EBITDA grew by 43.1 percent year-over-year to Rs 58.4 crore.
For the full fiscal year FY24, Man Industries reported consolidated revenue of Rs 3,142.2 crore, reflecting a 40.8 percent increase from Rs 2,231.3 crore in FY23. The company’s EBITDA for the year stood at Rs 293.2 crore. Profit after tax (PAT) for FY24 was reported at Rs 105.2 crore, a significant 54.6 percent increase from Rs 68 crore in the previous fiscal year.
Nikhil Mansukhani, Managing Director of Man Industries (India) Limited, commented on the company’s operations and future outlook. “Recently, we have announced an additional order of Rs 505 crore to be concluded in the next six months. From the beginning of the calendar year 2024, we have secured a total order book of Rs 1,480 crore. We anticipate a strong order book for the coming quarters and are hopeful for stronger performance going forward. Our ERW mill has successfully received API (American Petroleum Institute) Certification, and these pipes, usually required in the O&G industry, command higher margins. Although we started our ERW Mill late in the financial year, we are optimistic about a sustainable year for our ERW segment.”
Mansukhani also emphasized the company’s aggressive expansion plans for SAW and Stainless-Steel Seamless Tubes, which are progressing well. “We believe we can fulfill our commitments to all our stakeholders,” he added.
Man Industries highlighted the strength of its year-over-year profit before tax (PBT) and PAT, despite expecting even stronger and more sustainable figures in the future. The company attributed higher depreciation and interest costs during FY24 to capital expenditures on an ERW mill, whose production was delayed due to the certification and approval process.
The company’s current unexecuted order book stands at approximately Rs 2,100 crore, expected to be executed within the next six months. Man Industries also reported a net cash position of Rs 174.4 crore, a significant improvement from a net debt position of Rs 125.1 crore as of FY23.
In a regulatory filing, Man Industries announced the successful testing of hydrogen transportation pipes by a prestigious international testing agency, positioning the company to leverage a first-mover advantage in this area, potentially enhancing its order book significantly.