LLOYDSME · Metals & Mining
Lloyds Metals And Energy Ltd. reported revenue of ₹1,193 cr for January to March 2025, −23.2% on the year and −28.8% on the quarter. Over the last four quarters revenue comes to ₹6,721 cr, +3.0% on the four before.
Operating profit (EBITDA) was ₹261 cr, a margin of 21.9%, −759 bps on the year and −1,012 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 21.9% to 32.0%). Operating costs grew −15.0%, faster than revenue at −23.2%, so operating profit grew less than sales.
Net profit was ₹202 cr, −27.1% on the year and −48.1% on the quarter, with earnings per share of ₹3.86. Profit before other income, one-offs and tax fell 48.6%, so 22 points of the headline growth came from outside the core business. The tax rate was 17% against an average of 27% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,449 cr, +16.6% on the four before.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹28.09 over the last four quarters, the stock at ₹1,851.10 trades at 65.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.0% against 28.5% over the previous quarters, worth about ₹28.2 cr of profit.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Metals and mining: Commodity margins move with prices each quarter; read EBITDA per tonne instead. EBITDA margin 21.9%, −759 bps on the year (−1,012 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,912 cr | ₹1,554 cr | ₹2,417 cr | ₹1,436 cr | ₹1,675 cr | ₹1,193 cr | ₹2,384 cr | ₹3,652 cr | ₹5,058 cr | ₹6,020 cr | ₹7,150 cr | ₹5,673 cr |
| YoY | — | — | +23% | +32% | −12% | −23% | −1% | +154% | +202% | +405% | +200% | +55% |
| EBITDA margin | 23.5% | 29.5% | 29.7% | 28.6% | 32.0% | 21.9% | 33.3% | 28.1% | 34.7% | 42.3% | 39.0% | 31.8% |
| Other income, % of PBT | 2% | 2% | 1% | 8% | 3% | 8% | 4% | 8% | 6% | 2% | 6% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 38% | 21% | 29% | 26% | 17% | 17% | 26% | 28% | 30% | 28% | 22% |
| Net profit | ₹332 cr | ₹277 cr | ₹557 cr | ₹301 cr | ₹389 cr | ₹202 cr | ₹642 cr | ₹551 cr | ₹1,090 cr | ₹1,530 cr | ₹1,768 cr | ₹1,023 cr |
| YoY | — | — | +38% | +30% | +17% | −27% | +15% | +83% | +180% | +657% | +175% | +86% |
| Core profit YoY | — | — | +32% | +42% | +17% | −49% | +7% | +75% | +180% | +853% | +206% | +86% |
| EPS | ₹6.56 | ₹5.48 | ₹11.03 | ₹5.76 | ₹7.44 | ₹3.86 | ₹12.26 | ₹11.04 | ₹19.24 | ₹25.22 | ₹30.70 | ₹18.57 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | 1 | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Lloyds Metals And Energy Ltd. reported revenue of ₹1,193 cr (−23.2% on the year) and net profit of ₹202 cr (−27.1% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −48.6% on the year, against −27.1% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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