GRAVITA REPORTED ROBUST FINANCIAL PERFORMANCE WITH 95% GROWTH IN PAT

GRAVITA REPORTED ROBUST FINANCIAL PERFORMANCE WITH 95% GROWTH IN PAT

Jaipur, India, Aug 02, 2022:  Gravita India, a leading recycling company in India, today announced its financial results for the quarter ended 30^th June 2022.

Gravita India delivered a strong financial performance of Q1 2023. In Q1 2023, Revenues stood at Rs. 630 crores, registering a growth of 41% on Y-o-Y basis. The Revenue growth was supported by increasing production volumes and better realizations.

EBITDA for the year was Rs. 65 crores as compared to Rs. 37 crores in Q1 FY2022, depicting a growth of 73% on Y-o-Y basis. EBITDA margins stood at ~10% and company continues to maintain resilient margins despite increasing cost pressure across major raw materials during the quarter. Profit after Tax was Rs. 43 crores as compared to Rs. 22 crores in Q1 FY2022, depicting a growth of 95% on Y-o-Y basis. PAT margins were ~7%.

Recently, company has installed a total of 1,300 KW of Solar Energy Generation systems at its manufacturing facilities situated in India. This solar installation is expected to generate nearly 20 Lakh KWh of energy per year and reduce carbon emissions by around 1,550 tonnes per year. This solar installation will fulfill 7-8% of Gravita Group total energy requirement.

The Company has incurred capital expenditure of approximately INR 6.00 Cr. for installing this solar system which has been funded through by internal accruals.

This new installation will help to reduce cost of production and enhance operational efficiencies. This represents our collective effort to reduce our carbon footprint. The company remains committed to such Green and Sustainability focused solutions across all our manufacturing facilities in the future.

Gravita India continues to maintain its leadership position in recycling industry and is well positioned to tap emerging opportunities as focus moves on creating circular economies. Management remains committed to move forward on its long term growth plan, with a prudent approach and create value for all stakeholders.

Gravita is a leading global recycling company with 13 eco-conscious state-of-the-art manufacturing facilities in Asia, Africa and Central America with a capacity of 213,719 MTPA. The Group is having global footprints in 70+ countries having recycling DNA of 29 years with 5 business verticals. The company is amongst top 1000 listed companies on NSE and BSE Ltd.