MAN Industries (India) Ltd. announces Q2 & H1 FY22 results

MAN Industries (India) Ltd

Mumbai: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies, has announced its unaudited financial results for the quarter and half year ended September 30th, 2021. The company reported a Total Income of ₹ 5,011 Million in Q2 FY22 with an EBITDA of Rs. 532 million. The EBITDA margin stood at 10.6% an increase of 47 bps over Q2 FY21. Profit after tax for the second quarter stood at Rs. 245 million with a margin of 4.9%.

The unexecuted order book as on date stood at approx. ₹ 13,500 Million, to be executed in the next 6 – 7 months. The company continues to have a robust book of outstanding bids for more than ₹ 1,50,000 Million at various stages of evaluation for several Oil, Gas, and Water projects in India and abroad. The company, therefore, expects good order inflow in near future.

Commenting upon the performance, Dr. R.C. Mansukhani, Chairman, MAN Industries (India) Limited, said “I am happy to share that our company has registered a revenue of Rs. 9,114 million for the first half of the financial year. The EBITDA and PAT stood at Rs. 982 million and Rs. 438 million respectively. We expected the revenue to be higher but one special steel required to execute a particular project which was to be imported from Germany got delayed on account of the flood in the German region. The project will be executed in the third quarter.

During the quarter, despite the rising prices of raw materials and higher input costs, we were able to maintain our margins, this was on account of timely execution of the order and better operational efficiencies. The prices of oil & gas reached a multiyear high with the pickup in demand from rising economic activities. These higher prices of oil & gas are expected to drive incremental CAPEX in the sector thus boosting the demand in the pipeline infrastructure which will benefit players like us. We are also witnessing strong traction from the water sector as government schemes like Nal Se Jal programme, the National River linking scheme, etc are picking up pace.

Our plans to enter the ERW steel pipes business are on track. We have ordered the required machinery and the construction work of the building has started and are hopeful that the ERW unit will be up and running by Q1 FY23.

We continue to keep our employees’ health and safety as our priority which is the real strength of our company. Overall, we remain committed to deliver profitable growth and continue to be one of the major players in the industry. I would like to thank the entire team of our company for their constant hard work.”

Man Industries (India) Limited reports Financial Results:

Particulars (Million) Q2 FY22 Q2 FY21 % Change

Y-o-Y

H1 FY22 H1 FY21 % Change Y-o-Y
Total Income 5,011 5,951 (15.8%) 9,114 10,052 (9.3%)
EBITDA 532 603 (11.8%) 982 1,156 (15.0%)
EBITDA Margin 10.6% 10.1% 47 bps 10.8% 11.5% (72 bps)
PAT 245 273 (10.3%) 438 444 (1.4%)
PAT Margins 4.9% 4.6% 30 bps 4.8% 4.4% 38 bps