Latest news with #VardhmanSpecialSteels
Time of India
6 days ago
- Business
- Time of India
Treat workers well, stop relying on jugaad: Jain
At a panel discussion organised by the Chamber of Industrial & Commercial Undertakings (CICU), industry leaders and experts called for a change in mindset, saying that world-class manufacturing was no longer a choice but a necessity. Tired of too many ads? go ad free now Sachit Jain, vice-chairman and managing director (MD), Vardhman Special Steels, said that Ludhiana had no option but to comply with standards of world-class manufacturing. "It is no longer a matter of choice. The way the world is aligned, manufacturing is coming to India from China. Whether it was Covid or the shifting geopolitical landscape, the opportunity is ours to take," he said. Naming leading international companies, he said that the reason firms in Ludhiana were unable to match their stature was their mindset. "We here in Ludhiana think of jugaad, which won't take us there," he said. He called for replacing the culture of jugaad with systematic problem-solving. "In Japan, things run on time, while in Ludhiana we settle for somehow in time. That's where the shift must begin. Quality, safety and punctuality cannot be negotiable," he asserted. Drawing from his own practices, Jain shared that he meets at least six workers every day to understand their concerns and foster a culture of respect and safety. "If we want world-class output, we must treat our people in a world-class way. That's where the transformation begins," he said. David William Augustine, who heads the Ludhiana project of Tata Steel said that this was an exciting time for India. "The pandemic disrupted global supply chains and exposed over-dependence on China. With the ongoing geopolitical tensions and trade realignments, the world is looking at India to fill that gap," he said. Tired of too many ads? go ad free now "The Japanese made quality a cultural value. That's what we must do in India. Quality has to become DNA," he said. Ambrish Jain, a leading industrialist, warned against resisting change. "In 2005, the world started talking about going paperless. We were scared. But we moved forward—started stapling wood, then scissors, blades, and now vacuum bottles. We now export to over 100 countries, with 90% revenue from our own brands." He said said the biggest barrier to growth was often the mindset of the owner. "If your systems and processes are not strong enough to function without you, your company cannot grow. The owner must become redundant for the company to scale," he said. Lokesh Jain, chairman, CII Ludhiana and director, TK Steels, spoke about ESG (environmental, social, and governance) responsibility. He said that sustainability was often reduced to paperwork and compliance, but it must become a lived value. "We planted over 18,000 native trees using the Miyawaki method. As a result, pollination of the native tree species is happening across a 10-kilometre radius. Giving back to society and the environment should not be a compliance report, it should be our culture and our own moral responsilbity without any need for a compliance or rule," he said.
Time of India
6 days ago
- Business
- Time of India
Steely resolve: City to get Rs 2000 cr investment for plant
Ludhiana: Soon after the visit of Madhya Pradesh chief minister, Mohan Yadav, to Ludhiana, a leading industrialist from the city announced his plan to set up a new steel plant here. Right after Yadav courted local industrialists, Sachit Jain, vice-chairman and managing director, Vardhman Special Steels, announced Rs 2,000 crore investment for the plant. During Yadav's visit, several units, including Vardhman Textiles, announced investments in Madhya Pradesh. Voicing concerns about the increasingly volatile conditions at home, with both the government and environmental activists leaving them cornered, local industrialists evinced keen interest in the MP CM's pitch. "We have just announced a Rs 2,000 crore investment in a new steel plant that will come up in Ludhiana," Jain said at a gathering. "This city, with its unmatched energy and dynamism, is the right place to do it," he added. Interacting with industrialists and experts during a discussion on manufacturing excellence organised by the Chamber of Industrial and Commercial Undertakings (Cicu), Jain revealed that the decision was made after a comparative analysis of opportunities in nine states. "The opposition is criticizing this government, saying industry is going to MP for investments but we have just announced that we are going to invest in a steel plant in Ludhiana," he said. Days ago, Madhya Pradesh chief minister Dr Mohan Yadav visited the city pitching an attractive set of investment incentives, ranging from 40% capital subsidy, machinery and labour subsidies and incentives to streamlined clearances and pro-industry infrastructure, among other announcements. The visit sparked keen interest from several business leaders, with some industry associations committing investments and others sharing plans to take delegations to MP.
Business Standard
03-06-2025
- Automotive
- Business Standard
Aichi Steel hikes stake in Vardhman Special Steels
From 11.33% to 24.90% Vardhman Special Steels (VSSL) announce the formal signing of an agreement with Aichi Steel Corporation, Japan (Aichi Steel), marking a significant milestone in their strategic partnership. Aichi Steel has increased its equity stake in VSSL from 11.33% to 24.90%. This investment represents a further deepening of the long-standing relationship between the two companies and underscores Aichi Steel's growing confidence in VSSL and the Indian steel market. The enhanced partnership is aligned with the shared vision of both organizations to develop a world-class green steel manufacturing facility in India, aimed at producing high-quality special steels for the global automotive and engineering industries. The upcoming plant with a manufacturing capacity of 5 lac TPA with an estimated capex of Rs. 2000 crores, backed by technical support from Aichi Steel, will integrate advanced Japanese processes and technology to serve both domestic and ASEAN markets.
Business Standard
23-04-2025
- Business
- Business Standard
Vardhman Special Steels posts nearly 40% YoY drop in Q4 PAT; board OKs Rs 2,000 crore capex plan
Vardhman Special Steels has reported 39.83% fall in net profit to Rs 19.73 crore in Q4 FY25 from Rs 32.79 crore in Q4 FY24. Revenue from operations stood at Rs 428.04 crore in Q4 FY25, as against Rs 439.41 crore in Q4 FY24, a decrease of 2.59% YoY. This was mainly due to decline in realisations inspite of increased volumes. The companys sales volumes for the quarter increased by 3.29% to 53,834 tonnes from 52,118 tonnes recorded in Q4 FY24. This was despite a shutdown of 14 days in Rolling mill in Mar25. EBITDA fell by 32.89% YoY to Rs 38.62 crore in Q4 FY25, primarily due to lower gross margins. EBITDA per ton for the quarter was Rs. 7,174. Vardhman Special Steels has recorded 1.59% rise in net profit to Rs 93.09 crore on a 6.20% increase in revenue from operations to Rs 1,764.41 crore in FY25 as compared with FY24. The company stated that it is setting up a new Greenfield steel plant in the state of Punjab for the manufacturing of special and alloy steel. The planned capacity is 5,00,000 MT per annum of billet production with commensurate rolling mill and testing facilities. The total capital expenditure for the project is estimated at approximately Rs 2,000 crore. The project will be funded through a mix of internal accruals, equity, and debt. The new capacity is expected to be commissioned by FY 202930. The plant will address the capacity shortage after 2028 primarily for existing product lines. Sachit Jain, vice chairman & managing director, Vardhman Special Steels, said: Looking ahead, market demand remains muted. As a result, opportunities for price increases are limited. Raw material prices are relatively stable. Working capital borrowings increased due to inventory build-up in preparation for the planned shutdown. However, the process of the inventory going back to normal level has already started. During the year we have reduced our long term borrowings to Rs 3.29 crore and will continue to bring it down further going forward. As planned, the Kocks Block has been successfully commissioned and is currently in the stabilization phase. Once fully operational, it is expected to enhance productivity and reduce inventory requirements. We remain focused on improving operational efficiency and positioning the company for sustainable long term growth. The company has announced a dividend of Rs. 3 per share for FY25 as against Rs. 2 in FY24." Vardhman Special Steels is one of Indias leading producers of special steels, catering to diverse requirements of automotive, engineering, tractors, bearings and allied industries. The company also takes care of steel requirements of select customers for forging applications in international markets of Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam and Japan. The scrip was locked in 20% upper circuit at Rs 249 on the BSE.
Business Standard
22-04-2025
- Business
- Business Standard
Vardhman Special Steels consolidated net profit declines 39.83% in the March 2025 quarter
Sales decline 2.59% to Rs 428.04 crore Net profit of Vardhman Special Steels declined 39.83% to Rs 19.73 crore in the quarter ended March 2025 as against Rs 32.79 crore during the previous quarter ended March 2024. Sales declined 2.59% to Rs 428.04 crore in the quarter ended March 2025 as against Rs 439.41 crore during the previous quarter ended March 2024. For the full year,net profit rose 1.59% to Rs 93.09 crore in the year ended March 2025 as against Rs 91.63 crore during the previous year ended March 2024. Sales rose 6.20% to Rs 1764.41 crore in the year ended March 2025 as against Rs 1661.36 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 428.04439.41 -3 1764.411661.36 6 OPM % 7.3511.11 - 8.398.57 - PBDT 35.1552.88 -34 158.53153.84 3 PBT 26.8543.89 -39 125.06122.86 2 NP 19.7332.79 -40 93.0991.63 2
