Vardhman Special Steels’ Q3 FY2024 Report – EBITDA Margin Remains Resilient


By Aayush Khanna

Vardhman Special Steels Limited, a leading producer of special steels for automotive, engineering, tractor, bearing, and allied industries in India, announced its unaudited financial results for the third quarter and nine months ended 31 December 2023, during a Board meeting held on 2 February 2024.

For the quarter ended 31 December 2023:

– Volumes stood at 46,437 tonnes, a slight increase of 0.17% year-on-year (YoY).

– Revenue from Operations was INR 397.40 crore, a decrease of 0.81% YoY.

– EBITDA was INR 41.50 crore, down by 16.57% YoY, mainly due to decreased revenue and increased expenses.

– PAT was INR 21.81 crore, a decrease of 23.39% YoY.

For the nine months ended 31 December 2023:

– Volumes were 1,42,907 tonnes, a decrease of 4.46% YoY.

– Revenue from Operations was INR 1,221.94 crore, a decrease of 6.93% YoY.

– EBITDA was INR 114.72 crore, down by 23.73% YoY.

– PAT was INR 58.84 crore, a decrease of 32.19% YoY.

Mr. Sachit Jain, Vice Chairman & Managing Director of Vardhman Special Steels Ltd., attributed the decline in revenue and EBITDA to accounting adjustments from the previous year. He emphasized the company’s commitment to operational optimization and thanked stakeholders for their support, expressing confidence in long-term growth despite short-term financial impacts.


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