Agricultural Products company Chaman Lal Setia Exports announced Q3FY24 & 9MFY24 results:
Key Highlights for Q3FY24:
- Revenue up by 30% QoQ and 13% YoY to Rs 400.1 crore, aided by improvement in exports
- Export revenue up by 38% QoQ and 16% YoY to Rs 367 crore
- EBITDA at record levels of Rs 52.0 crore, up 46% QoQ and 1% YoY
- PAT at Rs 38.7 crore, 48% QoQ and 3% YoY
- EBITDA and PAT margin at 13.0% and 9.7% respectively
Key Highlights for 9MFY24:
- Revenue down by 6% YoY to Rs 972.1 crore, with government restrictions on exports and cyclone in H1
- Despite this, EBITDA up by 14% YoY to Rs 126.3 crore and PAT up by 16% YoY to Rs 92.4 crore
- EBITDA margin expanded by 228 bps to 13.0%, with focus towards operational efficiency
- PAT margin expanded by 175 bps to 9.5%
- EPS stood at Rs 17.9, compared to Rs 15.4 in 9MFY23
Commenting on the performance, Rajeev Setia, Joint MD & CFO, Chaman Lal Setia Exports, said: “We are delighted to announce highest ever quarterly profits during Q3, showcasing our adeptness in overcoming industry challenges. Despite the headwinds with government restrictions on exports and cyclone led disruptions during H1, we achieved significant growth in both revenue and profitability during Q3. The new generation within our management team has played a crucial role in expanding our international presence and strengthening our foothold in existing markets, thereby enhancing our export capabilities. The quarter earmarked a promising growth in Asia Pacific, Middle East & Africa region. Additionally, we are gradually shifting our focus towards our proprietary brands and value-added products, such as rice suitable for diabetes and brown rice. These products have received strong consumer acceptance, reinforcing our confidence in their role in driving the Company's future growth. Overall, we are highly optimistic about our prospects for the year. With our robust execution capabilities, solid customer relationships, and expanding distribution network, we are well-positioned to achieve sustainable growth in the medium to long term."