Q4FY23 Quarterly & FY23 Annual Result Announced for Solar Industries India Ltd.
Industrial Products company Solar Industries India announced Q4FY23 & FY23 results:
- Q4FY23 vs Q4FY22:
- Net Revenue: Rs 1,929 crore vs Rs 1,317 crore, up by 46%
- EBITDA: Rs 369 crore vs Rs 264 crore, up by 40%
- PBT: Rs 302 crore vs Rs 219 crore, up 38%
- Net Profit: Rs 221 crore vs Rs 175 crore, up 26%
- FY23 vs FY22:
- Net Revenue: Rs 6,923 crore vs Rs 3,948 crore, up by 75%
- EBITDA: Rs 1,320 crore vs Rs 767 crore, up by 72%
- PBT: Rs 1,102 crore vs Rs 607 crore, up 82%
- Net Profit: Rs 811 crore vs Rs 455 crore, up 78%
Commenting on the Quarterly & Yearly results, Manish Nuwal, Managing Director & CEO, Solar Industries India said that “We are pleased to announce the highest ever quarterly revenue which stands at Rs 1,929 crore up by 46% & the highest ever yearly revenue which stands at Rs 6,923 crore up by 75%. The net profit is UP by 26% for the quarter & 78% for the year, which stands at Rs 221 crore and Rs 811 crore respectively. The strong growth of our Non-CIL & Institutional sector, along with Export and Overseas were the key drivers of topline. These results are being achieved with improved operational performance, despite the challenges arising mainly out of volatility in commodity prices, currency fluctuations, and hyper inflatIonary conditIons, demonstrating the strength of the company.”
He also said, "We are further delighted to share that we have achieved the highest ever Defence revenue in the quarter and the annual revenue has reached around Rs 400 cr., which is in line with our guidance given at the beginning of the year. Our Defence order book has crossed Rs 11 OO cr. mark, which is a big milestone for our company. The order book comprises of export orders of Pinaka Rockets, Nagastra UU and other ammunitions. We are expecting the product evaluations of Pinaka Rockets to be completed in 3 months and the orders from Pinaka rockets will substantially push the revenue from defence in the coming years. On this backdrop, we are expecting the defence revenue to double in the current financial year. Our corporate objectives & business goals are aligned with country's ambition to make India Atamnirbhar in the field of ammunition and emerge as a major export hub in coming years."
He also added, "In line with our strategic plans to expand our market presence in the country we have acquired RECL and have started land acquisition for our upcoming facilities in South and Northwest India whIch will be completed within a period of two years. We are also working on increasing our global manufacturing presence from 8 to 12 countries this year."
He further added that “The government of India’s strong policy support and huge outlays for Infra projects, Housing, Mining and providing a level playing field in for private sector in Defence procurement augers well for our company.
We are expecting a volume growth of around 15% based on strong demand from Coal, Housing & Infra sector. We are entering FY 2024 with an optimistic outlook on increasing our EBIDTA margin via enhancing the market footprint, new orders for defence products and reduced raw material prices.
Looking at the upcoming opportunities and our strategic investments we have planned capex of around Rs.750 cr in FY 2024 which includes domestic, overseas, and defence business.”
He concluded by saying, “Our company has proposed a dividend of Rs 8/ share for the current year as compared to Rs 7.5/ share in previous year. ”