Gravita India Ltd H1 FY23 profit galloped 48% YoY
November 3, 2022
Gravita India, a leading recycling company in India, reported strong financial performance during Q2FY23 and H1FY23. The Company has 13 eco-conscious state-of-the-art manufacturing facilities in Asia, Africa and Central America with a total capacity of 2.14 lakhs MTPA. The Group has global footprints in 70+ countries having recycling DNA of 30 years with presence in lead, plastic, aluminum and rubber verticals.
Financial highlights for H1FY23,
• The Company demonstrated 27% YoY revenues growth to ₹ 1,262 crore
• EBITDA and net profit growth was at much higher rate of 48% YoY to ₹ 130 crore and ₹ 87 crore respectively.
•Revenues from operations were at ₹ 683 crore recording robust 25% YoY growth
•Adjusted EBITDA grew 29% YoY to ₹ 65 crore while EBITDA margins were ~10% despite higher raw material prices
•Net profit was at ₹ 45 crore, up 21% YoY and NPM was at ~7%
•Company’s step down subsidiary started commercial production of recycling polypropylene granules in Ghana with an annual recycling capacity of 1,200 MTPA in phase I. The same would be expanded to 2,700 MTPA in Phase II. The total capex was ₹ 1.90 crore which was funded from internal accruals of the Company.
•A step down subsidiary company, has started commercial production of Aluminium from a new recycling plant in Senegal of an annual capacity of 4,000 MTPA. This is likely to add another ₹ 60 crore per annum to revenues while gross margins of the facility would be at an impressive 20% approx.. The capex was of ₹ 3.50 crore funded from internal accrual.