Maharashtra Seamless Ltd (BOM:500265)

Q3 2025 Maharashtra Seamless Ltd Earnings Call Transcript

Jan 28, 2025 / 10:30AM GMT

Release Date Price: ₹606.3 (-1.27%)

Transcript

Key Points

Positve

Dispatches of seamless pipes improved by 16% quarter-on-quarter, enhancing the margin profile.
Revenue increased by 2% to INR1,410 crores, and EBITDA rose by 21% to INR280 crores.
The company received a credit rating upgrade from ICRA to AA+, the highest in the last 10 years.
Order book remains strong at INR1,674 crores, indicating a conducive demand environment.
The company has quadrupled its dividend payout over the last three years, reflecting strong cash flow management.

Negative

PAT declined to INR190 crores from INR224 crores, and EPS decreased to INR14.19 from INR16.73 per share.
The decline in PAT and EPS is attributed to lower returns on treasury investments.
The rig business remains a concern with subpar returns on capital employed.
Capacity utilization in the ERW segment has fallen to 32%, indicating inefficiencies.
There is ongoing uncertainty regarding the approval of a solar plant in Telangana, affecting renewable energy plans.

Operator

Ladies and gentlemen, welcome to the Maharashtra Seamless Limited Q3 FY25 earnings conference call hosted by PhillipCapital (India) Private Limited. (Operator Instructions). Please note that this conference is being recorded.

I would now like to hand the conference over to Mr. Vikash Singh from PhillipCapital Private Limited. Thank you, and over to you, sir.

Vikash Singh

PhillipCapital Pvt. Ltd. - Investor Relations

Good afternoon, everyone. Welcome to the Maharashtra Seamless Q3 FY25 results con call. From the management side, we have with us Mr. Kaushal Bengani, Deputy General Manager, Investor Relations and Finance.

Without taking any time, I'll hand over to Kaushal for his opening remarks.

Kaushal Bengani

Maharashtra Seamless - Deputy General Manager, Investor Relations and Finance

Good afternoon, and thank you for joining our earnings call. During Q3 FY25, dispatches of seamless pipes improved meaningfully in addition to improvement in product mix. This was a continuation of the trend seen

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