Annual Report: 2023
Hira Ferro Alloys Limited Annual Report FY 2022-23 Summary:
Overview: The 39th Annual Report of Hira Ferro Alloys Limited (HFAL) for the fiscal year 2022-23 highlights the company’s performance, operations, and financial results, including both standalone and consolidated financial statements. The report covers various aspects, including the Board of Directors, financial performance, production, new initiatives like the solar power plant, and compliance with regulatory requirements.
Financial Performance: HFAL reported gross sales of Rs 45378.01 lacs, EBIDTA of Rs 4119.87 Lacs, and PAT of Rs. 2178.98 Lacs for the year ended March 31, 2023. These figures were lower compared to the previous year's gross sales of Rs. 59321.29 lacs, EBIDTA of Rs. 16901.51 Lacs, and PAT of Rs. 11349.12 lacs. The decrease is attributed to lower Ferro Alloys sales turnover (Rs 37578.63 Lakhs vs Rs 48079.96 Lakhs previous year) and reduced power sales (Rs.4552.29 Lakhs vs Rs.9015.24 Lakhs previous year). However, the company cites satisfactory performance due to demand in the steel sector and better price realization.
Production & Operations: In FY 2022-23, HFAL produced 43156.30 MTs of Ferro Alloys compared to 47503.93 MTs in FY 2021-22, and sold 41707.82 MTs versus 45066.275 MTs. Power generation was also reported for various sources: Thermal (14205200 units vs 161996285 units), Bio-mass (62922855 units vs 90458760 units), Wind (2737017 units vs 2744343 units) and Captive Solar Power (114720 units vs 0 units), indicating a mixed trend.
Solar Power Plant: HFAL commissioned a 30 MWp Captive Solar PV Power Plant at Bemetara, Chhattisgarh, which was synchronized with the grid on March 29, 2023. Due to land limitations, the proposed capacity was reduced from 60 MWp to 55 MWp. The solar plant will support the company's green initiatives and reduce its carbon footprint.
Dividend: Due to the need for funds to complete the 25 MWp Solar Power Plant, the company decided not to pay any dividend for FY 2022-23.
Share Capital: The shareholders approved an increase in authorized capital from Rs. 23,60,00,000 to Rs. 133,60,00,000 via the creation of additional Preference Shares. 11,00,00,000 9% Optionally Convertible Cumulative Redeemable Participating Preference Shares were allotted to Godawari Power and Alloys Limited (the Holding Company) to repay outstanding debt related to setting up the Solar Power Plant. The company's paid-up share capital as of March 31, 2023, was Rs. 1,33,18,85,000 divided into equity and preference shares.
Other Key Highlights:
Audit and Compliance:
Financial Statements and Ratios: The report includes standalone and consolidated balance sheets, statements of profit and loss, cash flow statements, and changes in equity. Key financial ratios, like the current ratio, debt-equity ratio, and earnings per share, are provided and analyzed.
Annexures: The report includes annexures related to the CSR activities and Secretarial Audit Report. The CSR activity report indicates spending on various projects. The secretarial audit report states that the company generally complied with statutory provisions.
Overall Conclusion: Hira Ferro Alloys Limited's annual report provides a detailed view of the company’s financial performance, operational activities, and governance practices for the year ended March 31, 2023. While the company's financial metrics show a decrease compared to the previous year, operational initiatives and the focus on sustainable practices through the new solar plant highlight its ongoing efforts towards growth and environmental responsibility.
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