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Highlights from the Quarter (Q3 FY24)

Alicon Castalloy Ltd (ACL) reported a robust quarterly revenue of Rs. 405.8 cr for Q3FY24, up 12.1% YoY and 6.2% on a QoQ basis. Crossing Rs. 400 cr for the first time, this is the company’s highest ever reported quarterly revenue. Despite a fall in realization, ACL reported higher revenues driven by the commencement of supply for new parts.

ACL reported an EBITDA of Rs.53 cr for the quarter vs Rs.42.4 cr for the same quarter in the previous year (up 25% YoY) and Rs.47 cr in the preceding quarter (up 12.7% QoQ). The EBITDA margin for the quarter stood at 13.1%, up 80 bps from the previous quarter. The EBITDA margin has improved to 13.1%, after accounting for non-cash charge of Rs.3.66 crore on account of the ESOP Scheme, adjusting for which the EBITDA margin would be at 14.0%, which is a substantial jump for the company. The company delivered a net profit of Rs.16.7 cr for the quarter at a net margin of 4.1%.

Regarding the impact of ESOP’s for the next financial year, the management stated that there would be a negligible impact of Rs.3-4 cr. Additionally, the management mentioned that the focus of the organization is to continue to enrich the revenue mix as new products are primarily from focus categories of 4-wheeler and EV, thereby, capturing higher value addition. The total order book stands at Rs.9000 cr executable over 6 years until FY29. The management also mentioned that there has been a significant ramp up in volumes with respect to cylinder heads for Toyota, and is expected to gain further traction in the coming quarters.

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