Monday, February 26, 2024

Gravita India Achieves Remarkable Financial Performance in Q2 FY24, Records Revenue of INR 836 Cr

Mumbai (Maharashtra) [India], November 2: Gravita India, a leading recycling company in India, today announced its unaudited financial results for the quarter ended 30th September 2023.

Q2 FY24 Consolidated Financials:

• Revenue of ₹ 836 crore, YoY growth of 22 %

• EBITDA of ₹ 79.84 crore, YoY growth of 23 %

• EBITDA Margin of 9.56 %, YoY growth of 3 Bps

• PAT of ₹ 57.86 crore, YoY growth of 30 %

• PAT Margin of 6.92 %, YoY growth of 40 Bps

• EPS Of ₹ 8.52, YoY growth of 29.29 %

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.

Commenting on the Performance Mr Yogesh Malhotra; Whole-time Director & CEO of Gravita India said,

“Gravita has made a niche for itself over last 31 years and our strong performance year on year is a testament to our fully integrated business model which covers all the key aspects of recycling.  Our strategic position as one of the few recyclers in the formal sector is supported by strong sectoral tailwinds like stricter government norms of BWMR & EPR. Our Pan India and global presence, integrated supply chain, operational excellence and strong risk management framework makes us a preferred partner of choice for OEMs across India and gives us confidence to meet our Vision 2027 of diversifying into new business verticals and achieve Revenue CAGR 25%+, Profitability growth 35%+ and ROCE 25%+.

Coming to Q2 & H1FY24 performance, I am happy to share that Gravita has performed exceptionally well. Volumes, Revenue, EBITDA and PAT for the quarter have increased by 14%, 22%, 23% and 30% resp. ROCE for H1FY24 stood strong at 26% and proportion of Value-added products increased to 48% in H1FY24 which is very close to our Vision 2027. I am confident that we will continue to deliver our best and achieve our Vision 2027.”

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