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PNN
Mumbai (Maharashtra) [India], September 30: Manaksia Coated Metals & Industries Limited (NSE: MANAKCOAT, BSE: 539046), Ahmedabad/ Mumbai, September 30, 2024: In a significant breakthrough for its global ambitions, Manaksia Coated Metals & Industries Limited (MCMIL | NSE: MANAKCOAT | BSE: 539046) has secured a milestone contract worth USD 24 million (approx. Rs200 crore) with a leading European client. The agreement includes the supply of 20,000 metric tonnes of premium pre-painted steel coils, Alu Zinc-coated steel coils, and galvanized steel products over the next 12 months. The agreement has the potential to transform into a recurring order, providing a steady pipeline of revenue for MCMIL over the coming years. This will also allow the company to fully utilise the additional capacity expected from its Continuous Galvanizing Line (CGL) upgrades, scheduled to be completed in Q4-FY2025, further enhancing MCMIL's production capabilities and global competitiveness. Key Strategic Insights: * Advancing European Market Leadership: MCMIL is cementing its foothold in Europe's highly competitive market, reinforcing its position as a preferred supplier to top-tier clients. * Amplifying Export Growth: MCMIL is already an established exporter of coated steel products. The deal is set to boost MCMIL's export revenue substantially, accelerating the company's strategic shift towards international markets and diversifying revenue streams. * Elevating Global Competitive Edge: The company's ongoing investment in cutting-edge production technology and capacity expansion sets MCMIL apart in a dynamic global steel industry, especially with the upcoming Continuous Galvanizing Line (CGL) upgrades to Alu Zinc Coated Steel manufacturing. * Unlocking Long-term Opportunities: This contract lays the foundation for recurring business with high-value European clients, setting the stage for MCMIL to become a key player in the region's steel supply chain. * Capitalising on Industry Demand: MCMIL is well-positioned to meet the rising demand for high-quality coated steel products in Europe, driven by industry shifts toward durable, corrosion-resistant materials. Commenting on this achievement Karan Agrawal Whole Time Director, Manaksia Coated Metals & Industries Limited said, " This contract marks a pivotal moment in MCMIL's journey toward expanding its global footprint, particularly in the competitive European market and we are honoured to have earned theconfidence of a leading European client. As we reinforce our position as a trusted supplier in the competitive European market, the deal highlights our commitment to delivering world-class quality and reliability and comes at a time when we are focused on global expansion. We look forward to leveraging this opportunity to drive further growth through innovation and operationalexcellence. We are confident that the increasing export orders, combined with a shift toward higher-margin products like Alu-Zinc and Pre-painted Alu-Zinc steel, will drive EBITDA margin growth and enhance RoE/RoCE performance. As MCMIL pushes forward with its global expansion strategy, this contract sets the tone for continued growth across key international markets. The company has steadily built a reputation for product quality, timely delivery, and client satisfaction, all of which are critical factors in its sustained success." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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