Usha Martin Limited CC-Dec24.pdf · 2025-01-30
A few questions from my side. The first will be on competition. Now, if we look at your numbers in terms of margin, both on percentage level as well as EBITDA per ton level, and not on a quarterly basis, but from FY21 to FY24, a large part of these gains came from some of your subsidiaries, right? This gain also coincided with some of the European manufacturers maybe going off-stream because of higher energy cost. Now, the energy costs in Europe have stabilized and if we look at some of the numbers of your competition as well, they have Transcript of Usha Martin Ltd. Q3 FY25 Earnings Call also improved a lot. So, are you seeing a reversal of some of the trends that benefited us during the period of high energy cost in Europe? And do you see competition sustaining for longer, even if demand factors turns positive? I mean, how do you see this trend evolving?
So that is appreciated. I understand that sir. My question was, has some of the competition that had gone out of the market due to high energy costs come back in? And on the margin also, if I remember it correctly, you were always guiding for 18% in percentage terms. Now, as you take on this entire transformation journey, are you saying that you will recoup to 18%? Does that mean we need to undertake all this cost-cutting just to get back to our original level of 18%? Or should we now think about margins also at the next level, not in the next quarter, but once the transformation is complete in September? Should we be aiming for a margin range of 18% to 20%, higher than what we had initially thought about?