Shyam Metalics reported a 42.9% profit jump to Rs 493 crore for the September quarter. Revenue also rose 9.3% to Rs 5,960 crore. The board approved a Rs 360 crore investment for a Chhattisgarh coal block and plans to acquire a 51% stake in Alom Solar to boost future operations.
Shyam Metalics and Energy Ltd. reported a 42.9% sequential increase in consolidated net profit to Rs 493 crore in the September quarter, compared with Rs 345 crore in the previous quarter, in an exchange filing dated Saturday, Oct. 31.
Revenue from operations rose 9.3% sequentially to Rs 5,960 crore from Rs 5,455 crore in the June quarter. Consolidated Ebitda increased 7.6% to Rs 823 crore from Rs 765 crore. However, the Ebitda margin moderated to 13.8% from 14% in the previous quarter.
Rs 360 Crore Capex For Chhattisgarh Coal Block
Alongside quarterly earnings, the company's board also approved an initial capital expenditure budget of approximately Rs 360 crore for the development and operationalisation of the Phutamura Coal Block in Raigarh district, Chhattisgarh.
Shyam Metalics will contribute 51% of the proposed investment, amounting to approximately Rs 183.6 crore, while the remaining 49% will be funded by its joint venture partner.
The coal block covers approximately 7.324 square kilometres and has estimated reserves of around 170 million tonnes. The development is aimed at securing long-term coal supplies for captive power generation and steel manufacturing operations.
Company To Acquire 51% Stake In Alom Solar
The board also approved a proposal to acquire a 51% controlling stake in Alom Solar Pvt. Ltd. through a cash transaction, subject to definitive agreements and necessary approvals.
Alom Solar holds the mining rights for the Phutamura Coal Block. Following completion of the acquisition, it will become a subsidiary of Shyam Metalics. The company expects to complete the transaction on or before Nov. 30, 2026.