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Board of Directors of Shivalik Bimetal Controls Ltd have released the results for Q3 FY24 and 9M FY24. One of the global leaders in next-generation thermostatic bimetal/trimetal strips, shunt resistors and silver contacts the Company delivered a consistent performance in 9M FY24 with YoY total revenue growth of 8.88%. The Company's performance is marked by positive domestic demand and sustained growth aligned with India's switch gear upswing and smart meter energy sector transition.
In the shunt resistor category, while the Americas and Europe experienced declines of 15.33% and 36.18% in sales, respectively, the Asia region showcased resilience with a slight decrease of 0.38% YoY for Q3FY24. Notably, the Asia region achieved an increase of 9.34% YoY for 9MFY24, offsetting the overall Shunt Resistors sales decline by 3.90% YoY. Turning to the Thermostatic Bimetal/Trimetal segment, Q3FY24 sales in the Americas declined by 18.49% YoY, with Europe exhibiting substantial growth of 22.66% YoY for Q3FY24 and 34.4% YoY for 9MFY24. The Asia region demonstrated notable growth of 40.85% YoY for 9MFY24.
Overall, Thermostatic Bimetal/Trimetal sales increased by 22.22% YoY in Q3FY24 and 22.10% YoY in 9MFY24. The growth trends in both product segments, particularly in the Asia region, underscore the Company's strength and potential in the global electrification landscape. Despite global headwinds causing muted demand in the Americas, Shivalik Bimetal Controls Ltd. remains resilient. The Company anticipates a global upswing in demand towards the end of the financial year.
SS Sandhu, Chairman of Shivalik Bimetal Controls Ltd, stated, "We are committed to resilience through operational excellence and by also growing our position through domestic demand. Our pursuit for sustained growth includes efforts to strengthen our silver contacts segment through potential partnerships with reputable global players, as mentioned during Q3FY24. As the European and Americas markets recover, we are prepared to meet the burgeoning demand signalled by our global clients. Additionally, the Board is pleased to declare an interim dividend at 35% i.e. ₹0.70/- per equity share on 57,604,200 equity shares of ₹2/- (Rupees Two) each in Q3FY24."
As per CFO Rajeev Ranjan, "The company is strategically positioned for long-term growth, underpinned by a healthy balance sheet and robust financial performance as we move into the next quarter. With the OECD projecting steady global GDP growth and Asia remaining a key driver, we anticipate a rebound in global demand towards the financial year-end. Our balance sheet remains solid, with ₹25 crore in cash and equivalents and ₹68 crore generated from operations in 9MFY24, demonstrating strong cash flow and effective capital management."
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