Eco Recycling Limited Achieves Extraordinary Financial Growth: Consolidated Net Profit Surges by 293 per cent in 9M FY24
Feb 14, 2024
PNN
Mumbai (Maharashtra) [India], February 14: Eco Recycling Limited (BSE: 530643, ECORECO), India's first and leading professional E-waste Management Company today announced its unaudited financial results for the Nine Months & Quarter ended 31st December 2023 (9M & Q3 FY24).
Consolidated Q3 FY24 Key Financials at a Glance:
* Total Income of Rs 9.60 Cr, YoY growth of 58.42 %
* EBITDA of Rs 7.37 Cr, YoY growth of 79.76 %
* EBITDA Margin of 76.77 %, YoY growth of 911 Bps
* Net Profit of Rs 5.99 Cr, YoY growth of 65.01 %
* Net Profit Margin of 62.40 %, YoY growth of 249 Bps
* EPS of Rs 2.97, YoY growth of 50.00 %
Consolidated 9M FY24 Key Financials at a Glance:
* Total Income of Rs 27.61 Cr, YoY growth of 64.74 %
* EBITDA of Rs 20.41 Cr, YoY growth of 87.76 %
* EBITDA Margin of 73.92 %, YoY growth of 907 Bps
* Net Profit of Rs 19.33 Cr, YoY growth of 292.89 %
* Net Profit Margin of 59.98 %, YoY growth of 31 Bps
* EPS of Rs 8.58, YoY growth of 65.64 %
Commenting on the performance, B K Soni - Managing Director of Eco Recycling Limited said, "Our Company's outstanding performance in the quarter, marked by substantial increases in total Income and net profit, reflects our commitment to excellence. Net profit surged by 293% for the nine months of FY24 compared to the same period in FY23, demonstrating significant growth.
Our focus on high-value e-waste services, coupled with contributions from global business, has been pivotal in driving this success. We are poised for continued growth, particularly with additional revenue expected from EPR Business. Our proactive support for major global brands in meeting their EPR obligations underscores our leadership in the e-waste recycling industry. This success is attributed to government support and effective implementation of EPR rules, aligning with our commitment to eco-friendly practices and sustainability. Our investment in technology further strengthens our capabilities, ensuring our position as a frontrunner in e-waste management."
(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)
