Industrial Products company Everest Kanto Cylinder announced Q1FY24 results:
- Consolidated Q1FY24:
- Income from operations of Rs 268.4 crore in Q1FY24 compared to Rs 380.5 crore in Q1FY23.
- EBITDA of Rs 36.9 crore in Q1FY24 compared to Rs 60.5 crore in Q1FY23.
- EBITDA Margin (%) of 13.7% in Q1FY24 compared to 15.9% in Q1FY23.
- Profit Before Tax of Rs 28.5 crore in Q1FY24 compared to Rs 50.0 crore in Q1FY23.
- PAT of Rs 21.8 crore in Q1FY24 compared to Rs 38.7 crore in Q1FY23.
- Standalone Q1FY24:
- Income from operations of Rs 165.7 crore in Q1FY24 compared to Rs 270.4 crore in Q1FY23
- EBITDA of Rs 18.2 crore in Q1FY24 compared to Rs 49.6 crore in Q1FY23
- EBITDA Margin (%) of 11% in Q1FY24 compared to 18.3% in Q1FY23
- Profit Before Tax of Rs 14.7 crore in Q1FY24 compared to Rs 43.9 crore in Q1FY23
- PAT of Rs 9.6 crore in Q1FY24 compared to Rs 35.0 crore in Q1FY23
Commenting on the performance for the quarter, in a joint statement, Pushkar Khurana, Chairman, and Puneet Khurana, Managing Director, said, “We began the fiscal year with challenges that have notably impacted our financial performance. Softening demand for our CNG cascades segment in the domestic market, and lower demand in international markets, led to a decline in sales volumes, consequently affecting our revenues and profitability in Q1FY24. Our consolidated sales stood at Rs 268 crore. Furthermore, our profitability was impacted owing to lower operating leverage.
Despite the hurdles, we maintain an optimistic outlook on the potential for CNG cylinders in India. The government's pledge to promote eco-friendly natural gas, along with fiscal incentives and adopting policies leading to structurally lower CNG prices, are commendable. Moreover, the ongoing expansion of the CNG distribution network throughout the nation signifies a strong commitment to a greener future.
As we move forward, we recognize the current market challenges impacting our business. Our team is focused on leveraging our core competencies and engaging with both domestic and international customers to drive our business. Building on our strength in the CV CNG market, our teams are also actively working on strategies to enhance our penetration in the PV markets. With a firm commitment to quality and customer satisfaction, we believe we are well positioned to capitalize on the future of the CNG vehicle market."