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Plastic Products company Ddev Plastiks Industries announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Operating Revenue: Rs 6,423 million, a slight decrease of 0.4% YoY
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): Rs 658 million, an increase of 78.9% YoY; Margin: 10.2%
- Profit After Tax (PAT): Rs 423 million, an increase of 125.9% YoY; Margin: 6.5%
- H1FY24:
- Operating Revenue: Rs 12,804 million, growth of 8.3% YoY
- EBITDA: Rs 1,271 million, an upsurge of 86.8% YoY; Margin: 9.8%
- Profit After Tax (PAT): Rs 801 million, a significant rise of 142.3% YoY; Margin: 6.2%
- Other Highlights:
- Domestic Operations: Accounted for 77% of revenue; 15% growth YoY
- Exports: Made up 23% of revenue
Commenting on the performance, Narrindra Suranna, Chairman and Managing Director said, “Ddev Plastiks has continued its strong growth momentum in Q2FY24 and delivered a revenue of Rs 6,423 million on the back of higher volumes. During the quarter, your Company has achieved an EBITDA of Rs 658 Mn, a growth of 79% on a YoY basis with a margin of 10.2%, owing to higher operational efficiencies and PAT of Rs 423 million, a strong growth of 126% on YoY basis with a margin of 6.5%. Despite the challenges due to the decline in selling prices, our profitability remained robust. This underscores the strength of our business model and our ability to navigate market dynamics while maintaining a steadfast focus on operational excellence.
In Q2FY24, our Domestic operations accounted for 77% of our Company's revenue in the quarter, exhibiting a growth of 15% compared to the same period last year. Whereas exports contributed 23% to our revenue. Our unwavering commitment to augmenting global exports stands as a pivotal strategy in fortifying and elevating our top-line growth trajectory. We maintain a constant focus on reaching our customers and understanding their requirements dynamically.
As we move forward, our commitment to sustained growth, operational efficiency, and financial resilience remains steadfast. Fuelled by a favorable demographic landscape, a resilient economy, and supportive governmental policies, the prospect for success and value creation for our shareholders will be significant. Backed by our superior manufacturing and product innovation capabilities, we remain confident of our growth and ability to overcome challenges and capitalize on opportunities. This positions Ddev Plastiks for continued triumph within the ever-evolving business landscape.”
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