Alicon Castalloy Ltd (Alicon), one of the leading integrated manufacturers of aluminum castings in India, has announced its financial results for the quarter and nine months ended December 31, 2020.
Financial Performance Highlights
Performance Review for Q3FY21 vs. Q3FY20
Total Income at Rs269.54cr compared to Rs227.75cr, higher by 18.3%
EBITDA at Rs33.65cr compared to Rs32.68cr
PBT at Rs12.60cr as compared to Rs12.15cr
Profit after Tax at Rs11.45cr compared to Rs8.44cr, higher by 36%
Performance Review for Q3FY21 vs. Q2FY21
Total Income at Rs269.54cr compared to Rs205.15cr, up 31.4%
EBITDA at Rs33.65cr compared to Rs26.72cr, grows 26%
PBT at Rs12.60cr as compared to Rs5.62cr, higher by 124%
Profit after Tax higher by 116% to Rs11.45cr compared to Rs5.29cr
Performance Review for 9M FY21 vs. 9M FY20
Total Income at Rs528.34cr compared to Rs761.65cr
EBITDA at Rs36.94cr compared to Rs95.87cr
PBT at Rs(26.52)cr as compared to Rs33.21cr
Profit after Tax at Rs(27.26)cr compared to Rs22.87cr
Commenting on the performance, Rajeev Sikand, Group CEO, Alicon Castalloy Ltd. said, “We are pleased to share that we have reported a solid performance this quarter, both in revenues and profitability. Revenues for the quarter grew by 18% YoY and by 31% QoQ. Growth was driven by the recovery in economic activity and sustained uptick in volumes by OEMs due to favorable trends across both, domestic and export markets. Profit growth has surged ahead of revenue growth as we were able to absorb the impact of higher input prices by sustaining the cost-optimization measures and higher efficiencies ingrained into the business in recent quarters.
Profit after tax has more than doubled compared to the immediately preceding quarter. On the operational front, we are witnessing improved traction in engagements with several existing and new OEMs in the domestic market, leading to higher business wins. Our international engagements with global OEMs remain solid, especially across the Electric Vehicles vertical. Our non-auto business is witnessing gradual normalization in demand and we expect this momentum to strengthen in the quarters ahead.
The revival in the domestic economy provides a strong underlying trend for the business which is being augmented by pockets of recovery in international markets. The increased preference for personal mobility will provide impetus for 2W and 4W demand while several vectors, including the recently announced vehicle scrappage policy which will incentivize replacements in the domestic market, are contributing to growth in CVs.
From a global perspective, we remain very excited by the progress in the EV space and the inclination towards light weighting and fuel efficiency which are directionally integrated with country’s shift to the BS-VI platform. India has elevated its competitiveness and is being viewed favorably as a manufacturing destination globally which bodes well for focused and specialized players like us. We are confident that further stabilization of the macro-economic environment will lead to stronger and sustainable growth in the quarters ahead.”
Alicon Castalloy was trading at Rs412 apiece on the BSE at around 11:46 AM up by 0.40%.