AMNS India Q1 results: Earnings grow 2X to Rs 2,976 crore
“We are mindful that Covid continues to be a health challenge across the world especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel. Our colleagues in India are sending support wherever we can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities,” said Aditya Mittal, ArcelorMittal Cheif Executive Officer,
“AMNS India has plans to debottleneck operations and achieve capacity of 8.6 million tonnes (MT) per annum and medium term plans to expand and grow to 14Mt per annum,” the company said in its investor presentation on Thursday.
The company follows January to march as its financial year.
The company’s newly acquired Thakurani mines is now operating at full 5.5 MT per annum capacity during March quarter of 2021, while the second Odisha pellet plant is expected to be completed in the next quarter of 2021, adding 6Mtpa for a total 20Mtpa of pellet capacity.
“AM/NS India signed a Memorandum of Understanding (MoU) with the Government of Odisha to set-up a integrated steel plant with a 12 MTPA capacity in Kendrapara district of state Orissa,” the presentation said.
AM/NS India’s crude steel production was flat at 1.8 MT in the first quarter, as against 1.7 MT in the same period last year, mainly on account of production impacts due to the second wave of Covi-19.
The parent company, ArcelorMittal’s first quarter operating income was clocked at $2.6 billion vs. $2.0 billion in the previous quarter. Ebitda was at $3.2 billion in 1Q 2021, 88% higher than the last quarter of 2020 at $1.7bn.
“The share of JV and associates net income of Rs 3,692 crore ($0.5 billion) reflects strong performance at AMNS India and AMNS Calvert,” the company said in a media statement.
ArcelorMittal reported a consolidated net income of Rs 16,984 crore ($2.3 billion) in 1Q 2021 as compared to net income of Rs 8,861 crore ($1.2 billion) in the last quarter.
The Company delivered Rs 2,215 core ($0.3 billion) of free cash flow despite a Rs 11,815 crore of ($1.6 billion) investment in working capital, reflecting seasonal as well as market factors. ArclemorMittal’s gross debt declined to Rs 84,194 crore ($11.4bn) as against Rs 90,841 core $12.3 billion at the end of March 2020.
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