Maximus outperforms with magnificent growth in top and bottom line
Nov 18, 2022
Vadodara (Gujarat) [India], November 18 (ANI/BusinessWire India): Gujarat-based Maximus International Limited (MIL) has outperformed expectations by clocking a turnover of Rs. 50.98 Crore for the first half of this fiscal (H1 FY 23). This is almost a 50 per cent increase over the turnover figure of the same period last year.
"We not only achieved but exceeded our revenue target set for the H1 FY 23 (April 1, 2022-to-September 30, 2022). We are confident to achieve rapid and organic growth to meet our annual target of sales and profits," said the company's Chief Financial Officer, Milind Joshi.
MIL has fared well on a quarter-to-quarter basis as well with its top-line for the second quarter (Q2 FY 23) increasing by almost 30 per cent as compared to the previous quarter (Q1 FY 23).
"Our performance in Q2 is very heartening indeed. A significant highlight of H1 FY 23 is that the company expanded its operating margins by 400 bps as compared to the previous half-year period. This has resulted in the company's net margins also increasing significantly," said the company's Managing Director, Deepak Raval.
The Indian multinational has almost doubled its profit before tax in the half-year under question as compared to the previous half-year despite high volatility in the oil prices. Notably, The company has been profit making since its inception.
"The company's expansion in Africa is proceeding smoothly and as a first step, it recently acquired the remaining equity stake in its Kenya-based manufacturing subsidiary with a view to gain full control over the company," said Raval.
Recently, the company has split its share in the ratio of 1:10.
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