ArcelorMittal Nippon Steel India (AM/NS India) reported a 67.6 per cent drop in earnings before interest, tax, depreciation and amortisation (EBIDTA) at $101 million in the three months ended March from $312 million in the year-ago period, on the back of lower steel shipments and unfavourable market conditions.

Sales during the January-March quarter stood at $1.45 billion, down 20.2 per cent from the same period of FY24 at $1.81 billion.

Sequentially, EBIDTA was 24.1 per cent lower in the last quarter from $133 million in the previous quarter, while sales went down 8.6 per cent from $1.6 billion in the previous quarter.

The company said shipments in the March quarter was lower by 12 per cent, which hurt sales and profitability as AMNS took a planned shutdown. It also blamed an unfavourable market condition which was subsequently addressed by safeguard measures introduced by the Narendra Modi government.

Exide PAT falls

Exide Industries on Wednesday reported an 11 per cent fall in standalone profit after tax (PAT) at ₹254.60 crore in the March quarter.

The company had posted a standalone PAT of ₹283.75 crore in the last quarter of 2023-24.

Revenue from operations stood at ₹4,159.42 crore, up from ₹4,009.39 crore in Q4FY24, a year-on-year growth of 4 per cent, it said.

Exide has appointed Manoj Kumar Agarwal as director – finance & CFO, effective May 1.

IOC net jumps 50%

Indian Oil Corporation (IOC) on Wednesday reported a 50 per cent jump in its March quarter net profit as inventory gains negated losses on the sale of subsidised domestic cooking gas LPG.

Standalone net profit of ₹7,264.85 crore in January-March compared with ₹4,837.69 crore earnings in the same period a year back.

Indian Oil Corporation has signed a $1.3-1.4 billion deal with Trafigura to buy 2.5 million tonnes of liquefied natural gas (LNG) to meet the rising energy needs of the country, chairman A.S. Sahney said on Wednesday.

Trafigura will supply 27 cargoes beginning the second half of 2025.