Agricultural Products company Chaman Lal Setia Exports announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue was Rs 384 crore, up 7% YoY
- Export revenue was Rs 339 crore, up 8% YoY
- EBITDA was Rs 36 crore, down by 27% YoY owing to an increase in freight cost, amid global trade route disruptions during Feb-Mar’24. EBITDA margin was 9.3% during the quarter
- PAT was Rs 23 crore, down by 38% YoY
FY24 Financial Highlights:
- Revenue was flat during the year, at Rs 1,356 crore, amid cyclone impact in Q1, minimum export price restrictions in Q2/Q3, and global trade route disruptions in Q4
- Despite this, EBITDA was highest-ever at Rs 162 crore, up by 2% YoY. EBITDA margin at 11.9%, 49 bps YoY
- PAT was Rs 116 crore, down 2% YoY
- EPS stood at Rs 22.36 during FY2024
- Board recommends dividend of Rs 2.25 per share (dividend payout of 10% of FY2024 net profits)
- Healthy RoCE at 19% and RoE at 17% for FY2024
Commenting on the performance, Rajeev Setia, Joint MD & CFO, Chaman Lal Setia Exports Ltd, said: “Industry has witnessed yet another difficult quarter, particularly due to disruptions in shipments to key markets like USA, Europe, Canada, and parts of the Middle East. Despite this, Chaman Lal Setia achieved a 7% YoY growth in revenues for the quarter. Although our overall revenues for FY2024 remained stable amidst industry turbulence, I am delighted to announce that our company achieved its highest-ever EBITDA during this period, demonstrating our resilience and ability to navigating through adversity. As supply chain disruptions gradually stabilize and we pass on incremental costs to our customers, we anticipate a rebound in both revenues and profitability in the upcoming quarters. Moreover, the new generation in our management team has been instrumental in expanding our international footprint and strengthening our presence in existing markets, enhancing our export capabilities. Overall, we remain optimistic for the year ahead. With our strong execution capabilities, established customer relationships, and expanding distribution network, we are wellpositioned to achieve sustainable growth in the medium to long term."