Gravita India, a leading recycling company in India, today announced its financial results for the quarter/nine months ended 30 th June, 2023.
Gravita India delivered a strong financial performance of Q1FY 2024.In Q1FY 2024, Revenues stood at Rs. 703crores, 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. 80crores as compared to Rs. 65 crores in Q1FY2023, 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. 52crores as compared to Rs. 43crores 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 of2,78,059 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.