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Construction & Engineering company Skipper announced Q3FY24 & 9MFY24 results:
Consolidated Q3FY24:
- Revenue of Rs 8,016 million in Q3FY24 compared to Rs 4,448 million in Q3FY23, showing a growth of 80.2%.
- Reported EBITDA of Rs 770.7 million in Q3FY24 compared to Rs 453.2 million in Q3FY23, indicating a growth of 70.1%.
- EBITDA Margin% of 9.6% in Q3FY24 compared to 10.2% in Q3FY23, a decrease of 60 basis points.
- Profit Before Tax of Rs 290.5 million in Q3FY24 compared to Rs 118.2 million in Q3FY23, growth of 145.8%.
- Profit After Tax of Rs 204.7 million in Q3FY24 compared to Rs 95.1 million in Q3FY23, showing a growth of 115.3%.
Consolidated 9MFY24:
- Revenue of Rs 21,285 million for 9MFY24 compared to Rs 8,781 million for 9MFY23, indicating a growth of 51.1%.
- EBITDA of Rs 2,108.9 million for 9MFY24 compared to Rs 1,209.5 million for 9MFY23, showing a growth of 74.4%.
- EBITDA Margin % of 9.9% for 9MFY24 compared to 9.1% for 9MFY23, an increase of 80 basis points.
- Profit Before Tax of Rs 809.0 million for 9MFY24 compared to Rs 168.1 million for 9MFY23, growth of 381.3%.
- Profit After Tax of Rs 565.1 million for 9MFY24 compared to Rs 118.5 million for 9MFY23, showing a growth of 376.8%.
Key Business Highlights:
- Q3FY24 order inflow amounted to Rs 4,020 million, with a cumulative inflow of Rs 31,450 million for engineering products supplies and EPC works in 9MFY24.
- The closing order book stood at Rs 57,790 million, comprising 18% exports and 82% domestic orders.
- A robust order bidding pipeline exists, with Rs 98,300 million in the international sector and Rs 52,000 million in the domestic sector.
- Successful closure of fundraising through a right issue, which was oversubscribed 1.77 times, indicating strong investor interest and confidence.
- The polymer sector achieved significant volume growth, increasing from 15,454 MT in 9MFY23 to 24,654 MT in 9MFY24, reflecting a remarkable growth of 60%.
Commenting on the release, Sharan Bansal, Director Skipper, said, “We are delighted to present outstanding financial achievements for the quarter and 9 Months ending December 31, 2023. Our Revenue for the quarter soared by an impressive 80.2%, leaping from Rs 4,448 million to Rs 8,016 million over the last year quarter. Additionally, our Profit After Tax (Reported PAT) also witnessed remarkable growth, surging by 115.3% from Rs 95.1 million to Rs 204.7 million compared to the previous year’s quarter. The Closing Order Book, of the company stands at an impressive Rs 57,790 million, with a composition of 82% from the domestic market and 18% from exports. The Order Bidding Pipeline remains robust, with a substantial international pipeline of Rs 98,300 million and a domestic pipeline of Rs 52,000 million.
Bansal also added “We are also pleased to announce the successful closure of fund-raising through right issue, which was oversubscribed 1.77 times. This accomplishment underscores the market's confidence in Skipper. Looking ahead, we anticipate a strong revenue performance across major business segments, fuelled by pending engineering execution and improving polymer performance. With a proactive approach, we expect to achieve a 25% CAGR growth over the next three years. This promising outlook, combined with our management’s strategic vision, positions Skipper Limited for sustained success and leadership in the industry."
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