Gravita continues to deliver strong performance in Q1 FY2024
Jul 25, 2023
PNN
Jaipur (Rajasthan) [India], July 25: Gravita India, a leading recycling company in India, today announced its financial results for the quarter/nine months ended 30th June, 2023.
Key Financial Highlights Q1 FY 2024- Consolidated
· Revenue from Operations of Rs. 703 Crores, YoY growth of 21%
· Adj. EBITDA of Rs. 80 Crore, YoY growth of 24%
· PAT of Rs. 52 Crore, YoY growth of 22%
· Capacity expansion at Mundra plant of Gravita
· Raised EURO 34 million ESG long term loan facility from European
· Developmental Financial Institutions
· Capacity expansion at Chittoor plant of Gravita
· Gravita started commercial production of Rubber Recycling in Tanzania, East Africa
Gravita India delivered a strong financial performance of Q1 FY 2024. In Q1 FY 2024, Revenues stood at Rs. 703 crores, registering a growth of 21% on Y-o-Y basis. The Revenue growth was supported by increasing sales volumes and better realizations. Overall sales volumes increased by 18% on a Y-o-Y basis.
EBITDA for Q1 FY 2024 stood at Rs. 80 crores as compared to Rs. 65 crores in Q1 FY 2023, depicting a growth of 24% on Y-o-Y basis. EBITDA margins stood at ~11% and company continues to maintain resilient margins despite increasing cost pressure across major raw materials during the quarter. Profit after Tax was Rs. 52 crores as compared to Rs. 43 crores in Q1 FY2023, depicting a growth of 22% on Y-o-Y basis. PAT margins were ~7.40%.
Recently, company has Started Commercial Production of Rubber in Tanzania, and increased production capacity at its Chittoor and Mundra Plant.
Gravita India continues to maintain its leadership position in recycling industry and is well positioned to tap emerging opportunities as focus moves on creating circular economies. Management remains committed to move forward on its long term growth plan, with a prudent approach and create value for all stakeholders.
Gravita is a leading global recycling company with 12 eco-conscious state-of-the-art manufacturing facilities with a capacity of 2,78,059 MTPA. The Group is having global footprints in 70+ countries having recycling DNA of 30 years with 5 business verticals. The company is amongst top 600 listed companies on NSE and BSE Ltd.
(Disclaimer: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
