Team News Riveting
Raipur, August 21
Godawari Power and Ispat Limited (GPIL), an arm of Chhattisgarh-based Hira Group, has reported over 46 per cent decline in consolidated net profit in the financial year 2022-23 (FY23).
Pursuant to Regulation 34 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, GPIL filed the Annual Report of the Company for the FY 2022-23 before the Bombay Stock Exchange (BSE) besides notice convening the 24th Annual General Meeting (AGM) to be held on 16th September, 2023.
“Profit after tax during the year decreased by 46.46 per cent to Rs 793.36 crore as compared to net profit after tax of Rs 1481.92 crore during previous Financial Year,” GPIL said while briefing about the consolidated operations. Revenue from operations for the year marginally increased by 6.55 per cent to Rs 5753.04 crore as compared to Rs 5399.18 crore during the previous Financial Year, the company said, adding that EBITDA for the year decreased by 34.68 per cent to Rs 1236.76 crore as compared to EBITDA of Rs 1893.54 crore achieved during previous Financial Year.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, Earnings Before Interest, Taxes, Depreciation, and Amortization, is a financial metric. Companies use it extensively to compute their business’ performance in terms of finances, and is also often used as an alternative to net income.
The company has reported operating margins of 22.44 per cent on standalone operations and margin of 21.12 per cent on consolidated operations, although lower last year, but in line with long term average margins. The operating margin in FY22 was considerably higher on account of global supply chain disruption and substantially higher iron ore and finished steel prices across the value chain, GPIL said.
GPIL is a fully integrated steel company that operates across the entire steel value chain. The Company’s operations span from iron ore extraction from two mines to the production of iron ore pellets and high-value steel products.
