Monday, December 5, 2022

Gravita Reported Robust Financial Performance With 48% Growth In PAT

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Jaipur, India, NOVEMBER 03, 2022:  Gravita India, a leading recycling company in India, today announced its financial results for the quarter/half year ended 30th September, 2022.

Key Financial Highlights Q2 FY2023- Consolidated

  • Revenue from Operations of Rs. 683 Crores, YoY growth of 25%
  • Adj. EBITDA of Rs. 65 Crore, YoY growth of 29%
  • PAT of Rs. 45 Crore, YoY growth of 21%
  • Started commercial production of Recycling of Poly-propylene granules in Ghana
  • Started commercial production of Aluminium in Senegal

Key Financial Highlights H1 FY2023- Consolidated

  • Revenue from Operations of Rs. 1,262 Crores, YoY growth of 27%
  • Adj. EBITDA of Rs. 130 Crore, YoY growth of 48%
  • PAT of Rs. 87 Crore, YoY growth of 48%

Gravita India delivered a strong financial performance of Q2 FY2023. In Q2 FY2023, Revenues stood at Rs. 683 crores, registering a growth of 25% on Y-o-Y basis. The Revenue growth was supported by increasing sales volumes by ~ 17%.

EBITDA for the quarter was Rs. 65 crores as compared to Rs. 50 crores in Q2 FY2022, depicting a growth of 29% on Y-o-Y basis. EBITDA margins stood at ~10% and company continues to maintain resilient margins despite increasing cost pressure across major raw materials during the quarter. Profit after Tax was Rs. 45 crores as compared to Rs. 37 crores in Q2 FY2022, depicting a growth of 21% on Y-o-Y basis. PAT margins were ~7%.

Recently, a step down subsidiary of company has Started commercial production of Recycling of Poly-propylene granules in Ghana having an annual capacity of around 1,200 MTPA in phase 1. Further, company has plans to increase this capacity to 2,700 MTPA in next phase.

The company is already having similar plastic recycling facility in Senegal, Mozambique and India. Further, this is in line with the company’s vision of replicating the recycling business in different geographies.

The Group has made investment of approx. Rs. 1.90 Crores for procurement and commissioning of this new Recycling Plant which is invested from internal accruals of the company.

Further, a step down subsidiary of company has started commercial production of Aluminium from a new recycling plant having an annual capacity of around 4,000 MTPA. The Company is expecting additional revenue of approx. Rs. 60 Crores per annum with a gross margins of ~ 20% from the new capacity.

The Group has made investment of approx. INR 3.50 Crores for procuring and commissioning of this new Recycling Plant which is invested from internal accruals of the company.

Gravita is a leading global recycling company with 13 eco-conscious state-of-the-art manufacturing facilities in Asia, Africa and Central America with a capacity of 213,719 MTPA. The Group is having global footprints in 70+ countries having recycling DNA of 30 years with 5 business verticalsThe company is amongst top 1000 listed companies on NSE and BSE Ltd.

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