Other Agricultural Products company Chaman Lal Setia Exports announced Q1FY24 results:
- Revenue from operations stood at Rs 263.4 crore
- Sales Volume (ex-China) declined by 19% YoY
- Gross Margin expanded by 285 bps to 25.3% compared to 22.4% in Q1FY23
- EBITDA increased by 17% YoY to Rs 38.7 crore
- EBITDA margin expanded by a healthy 664 bps to 14.7% compared to 8.0% in Q1FY23
- Net Profit increased by 23% YoY to Rs 27.5 crore
- EPS stood at Rs 5.3 compared to Rs 4.3 in Q1FY23
Commenting on the performance, Rajeev Setia, Joint Managing Director & CFO, Chaman Lal Setia Exports, said, “We are delighted to start this year with a healthy margins profile. With sustained momentum and focus towards our execution excellence, our EBITDA margin grew by a healthy 664 bps YoY to 14.7%, while PAT margin was up by 500 bps YoY to 10.4% in Q1FY24. Our quarterly revenue declined by 36% YoY in Q1FY24, an impact attributed to weather disruptions occurring at the Gujarat ports in June, due to the Biparjoy cyclone.
Our EBITDA was up by 17% YoY to Rs 39 crore, supported by moderation in freight expenses, improved realizations, and our efforts toward operational efficiency. Our value-added product, Rice suitable for diabetes has contributed 8% to the overall revenues in Q1FY24. Given our commercial strength, we are well-positioned to leverage on the growing opportunities.”