SARDAEN · Metals & Mining
Sarda Energy and Minerals Ltd. reported revenue of ₹1,319 cr for October to December 2024, +42.6% on the year and +13.8% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹369 cr, a margin of 28.0%, +765 bps on the year and −110 bps on the quarter. Over the last 7 quarters the margin has ranged from 17.1% to 29.1%, averaging 23.9%. Operating costs grew +28.9% against revenue growth of +42.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹200 cr, +75.4% on the year and −1.5% on the quarter, with earnings per share of ₹5.60. Profit before other income, one-offs and tax grew faster, at +103.6%; other income, one-offs or tax held the headline back. The tax rate was 17% against an average of 25% over the previous 6 quarters, which lifted profit this quarter.
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 ₹19.47 over the last four quarters, the stock at ₹488.70 trades at 25.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹64.0 cr, +106.5% on the year; 17% of EBITDA.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.0% against 28.0% over the previous quarters, worth about ₹24.9 cr of profit.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +75.4% on the year; profit before other income, exceptional items and tax +103.6%.
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,001 cr | ₹925 cr | ₹889 cr | ₹926 cr | ₹1,159 cr | ₹1,319 cr | ₹1,239 cr | ₹1,633 cr | ₹1,528 cr | ₹1,276 cr | ₹1,254 cr | ₹1,608 cr |
| YoY | — | — | — | −12% | +16% | +43% | +39% | +76% | +32% | −3% | +1% | −2% |
| EBITDA margin | 24.2% | 20.3% | 17.1% | 28.2% | 29.1% | 28.0% | 21.9% | 37.8% | 33.5% | 24.4% | 27.8% | 40.6% |
| Other income, % of PBT | 13% | 22% | 35% | 29% | 18% | 0% | 29% | 14% | 16% | 37% | 2% | 18% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 25% | 37% | 24% | 26% | 17% | 41% | 24% | 27% | 28% | 33% | 25% |
| Net profit | ₹149 cr | ₹114 cr | ₹88.0 cr | ₹198 cr | ₹203 cr | ₹200 cr | ₹100 cr | ₹437 cr | ₹328 cr | ₹190 cr | ₹155 cr | ₹478 cr |
| YoY | — | — | — | +15% | +36% | +75% | +14% | +121% | +62% | −5% | +55% | +9% |
| Core profit YoY | — | — | — | +33% | +39% | +104% | +44% | +163% | +61% | −29% | +80% | +7% |
| EPS | ₹3.99 | ₹3.32 | ₹2.68 | ₹5.64 | ₹5.55 | ₹5.60 | ₹3.07 | ₹12.33 | ₹9.17 | ₹5.40 | ₹4.48 | ₹13.00 |
| Flags | · | · | 1 | ✓ | ✓ | 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.
Sarda Energy and Minerals Ltd. reported revenue of ₹1,319 cr (+42.6% on the year) and net profit of ₹200 cr (+75.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +103.6% on the year, against +75.4% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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