Metals, Mining Q1 Review- Expect Margin Pressure In Q2 With Falling Prices, Seasonally Low Volumes: Systematix

Systematix Research Report

The metals and mining sector posted mixed-bag earnings during the quarter, largely in line with expectations. The preceding election period and planned maintenance shutdowns impacted production and sales volumes during the quarter, partially offset by incremental volumes from the commissioning of capacities indicating strong domestic demand.

Exports, however, remained subdued due to sluggish global activity and geopolitical disruptions. Ebitda margins were broadly flat sequentially due to lower input costs led by backward integrated operations and soft raw material prices.

We note that realisations averaged above expectations during the quarter with a greater share of downstream and value-added products.

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