Q4FY24 Quarterly & FY24 Annual Result Announced for Solar Industries India Ltd.
Industrial Products company Solar Industries India announced Q4FY24 & FY24 results: Highest ever Yearly EBIDTA at Rs 1,414 crore & PAT at Rs 875 crore. Volume grew by 24% in the quarter and 20% in a year. Defence Order book stands at highest level of Rs 2,600 crore+ Commenting on the Quarter & Yearly results, Manish Nuwal, Managing Director & CEO, Solar Industries India Limited said “We are pleased to close FY24 with the highest ever quarterly and yearly profits at Rs 243 crore & Rs 875 crore respectively. The turnover of the company stands at Rs 1,611 crore & Rs 6,070 crore for the quarter & year. In FY 2024, better performance in domestic business and increased defence sales, helped us to expand our margins resulting in the highest ever EBITDA & PAT in absolute terms for the year at Rs 1,414 crore & Rs 875 crore. These results are being achieved despite the losses from currency fluctuations and hyper inflationary conditions causing revenue loss of around Rs 300 crore+ in the quarter & Rs 900 crore + in year and EBIDTA loss of additional Rs 40 crore in the quarter & Rs 150 crore in the year as compared to previous year. This kind of performance reflects the strength of the company & its management.” He added, “We are further satisfied in sharing that defence annual revenue has crossed Rs 500 crore+ mark for the first time. Our Defence order book stands around Rs 2,600 crore+ and we are expecting big orders in coming quarters. As a result of these orders, we are expecting the defence revenue to grow Three-fold in FY25. Our business goals are well 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, “The domestic explosives volume in this quarter grew significantly by around 24% & 20% in the year, aided by strong growth from mining & Infra sector. The domestic explosive orderbook of CIL & SCCL stands at around Rs 2500 crore.” Result PDF16-05-2024
