Godawari Power slumps 5% as March quarter numbers disappoint

Godawari Power’s consolidated revenue from operations declined to Rs 1,316.59 crore from Rs 1,437.93 crore in the year-ago period. Profit at Rs 169.57 crore was lower than Rs 406.52 crore in the March quarter of the previous year

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The shares of Godawari Power & Ispat slumped 5 percent in the morning trade on May 22, reacting to a disappointing performance in the March quarter of the financial year 2022-23.

The company’s consolidated revenue from operations declined to Rs 1,316.59 crore from Rs 1,437.93 crore in the year-ago quarter last year. Profit from continuing operations came in at Rs 169.57 crore in the March quarter, down from Rs 406.52 crore in the year-ago period, the company said on May 20.

Godawari Power’s iron ore mining volumes were down 15 percent YoY, while iron ore pellet production increased 8 percent to 6,62,200 MT. Iron ore pellet sales increased to 5,73,278 MT, up 13 percent YoY, while pellet and sponge realisation increased by 19 percent and 6 percent quarter on quarter to Rs 9,883 per ton and Rs  33,707 per ton but dropped 17 percent and 3 percent, respectively, from the year-ago period.

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The company commissioned 30MW solar power plant at Bemetara on March 29, 2023 and has sought environmental approval from the environment, forest and climate change ministry to expand in ore mining capacity of Ari Dongri mines, the company said in its investor presentation.

The company said World Steel Association (WSA) expects the demand to increase by 2.3 percent in 2023 and another 1.7 percent in 2024, the company said. The demand would support the prices at current levels, it said.

Demand scenario

Global iron ore prices touched $133 a ton in mid-March after the reopening of China’s economy. However, sharp increase in supplies by global majors and lower-than-expected demand in China has led to a correction to $108 per ton.

On the domestic front, India remains one of the bright spots globally for steel demand, it said. WSA forecasts India’s steel demand to increase by 7.3 percent in 2023. The government’s push for infrastructure with 33 percent increase in capital outlay in addition to 75 percent increased outlay for railways augurs well for steel demand, especially long steel products.

Recently, iron ore prices have risen to Rs 4,010 from Rs 3,660 a ton in January 2023.

At 11.01 am, Godawari Power & Ispat stock was quoting at Rs 369.10, down 3.94 percent.