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Food Products company Manorama Industries announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenues during Q4FY24 surged by 27.1% YoY to Rs 1,293.3 million.
- EBITDA during Q4FY24 grew by 26.0% YoY at Rs 207.7 million; EBITDA margin for the quarter stood at 16.1%.
- PAT during Q4FY24 grew by a 25.1% YoY to Rs 125.0 million; PAT margin stood at 9.7% in Q4FY24.
FY24 Financial Highlights:
- Revenues during FY24 increased by 30.3% YoY to Rs 4,570.8 million owing to achieving operational leverage and the robust demand for our exotic products across the globe.
- EBITDA during FY24 grew by 30.2% YoY at Rs 735.2 million; EBITDA margin stood at 16.1% in FY24.
- PAT during FY24 grew by a 34.7% YoY to Rs 401.1 million; PAT margin expanded by 29 bps YoY to 8.8%.
Commenting on the results and performance, President of Manorama Industries, Ashish Saraf said, "I am happy to share that Manorama Industries has seen a significant revenue growth of 30.3% YoY, amounting to Rs 4,571 million in FY24. This has been largely due to achieving operational leverage and organic growth resulting in higher volume. Our strong performance in both domestic and export markets has resulted in a healthy mix of 57:43 in FY24.
Our EBITDA has also shown a remarkable growth of 30.2% YoY, reaching Rs 735 million in FY24, with an EBITDA margin of 16.1%. Our profitability during the year grew by 34.7% YoY owing to the robust global demand for our specialty exotic fats & butter & CBE. The Company has announced a final dividend of Rs 0.40 per share (20% of face value of Rs 2 per share) for its shareholders.
Our commitment to attracting and retaining talent that aligns with our growth values remains unwavering. We have also maintained a judicious approach towards investing in R&D, as we prepare for our next growth phase.
April 2024 marked a significant milestone for us with the commissioning of our new fractionation capacity of 25,000 TPA. This will result in increased total fractionation capacity to 40,000 TPA, allowing us to meet the rising demand for CBE and Exotic Specialty Fats & Butter from our global clientele in the Confectionery, Chocolates and Cosmetics sectors. Our strategic inventory of Shea Nuts, Sal Seeds, Mango kernels, etc. will be instrumental in ramping up our production in the upcoming quarters, leading to increased sales and improved profitability due to economies of scale. We aspire to continue the strong momentum in the coming years.
Our MILCOA Research & Development Centre continues to innovate, develop, test and launch diverse applications of CBE and Exotic Specialty Fats & Butter for both Indian and global markets, in line with current trends.
At Manorama Industries, we continue to implement key initiatives for the wellbeing for our employees and the community that we operate in. Our commitment to creating value for our esteemed stakeholders remains steadfast. Our robust ESG practices are aligned with the UN Sustainable Development Goals & UN Global Compact, reinforcing our dedication to sustainable growth."
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