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Furniture-Furnishing-Paints company Responsive Industries announced Q4FY24 & FY24 results:
- Profitability: The company's EBITDA showed robust growth, reaching Rs 261.25 crore (107.36%) for the year ended March 31st, 2024 showcasing the company’s commitment and focus on margin accreditive products. EBITDA for Q4 increased by 70.36% on YoY basis to Rs 75.74 crore, this growth is clearly demonstrated by the faith of our customers, creation of new product segments and inroads into established markets.
- Net Profit: Responsive Industries continues its strong positioning by clocking a Net Profit of Rs 161.26 crore (an increase of 561.17%) for the FY24. Net Profit for Q4 has increased by 101.72% (Rs 45.87 crore vs. Rs 22.74 crore) on YoY basis.
- Earning Per Share: EPS for FY24 is at Rs 6.05 per share as against Rs 0.91 for FY23, an annualised growth of 564.84%.
- Customer Acquisition: Responsive has become the preferred supplier of flooring products to many customers worldwide and continues to acquire new ones based on the goodwill and quality of its products.
- New Market Expansion: Responsive Industries has been able to enter new markets globally and has established itself as a top source for materials.
Commenting on the business performance, Rishabh Agarwal, Non-Executive Director & Chairman, Responsive Industries Limited said, "We are thrilled to announce another year of Robust Growth and Strong Financial Performance. Our consistent focus on Innovation, Quality, and Customer Satisfaction has driven us to new heights. As we move forward, we remain committed to expanding our market presence. We're seeing all our Business Verticals Firing on all Cylinders now. This Strong Revenue Growth across the board is a testament to our team's Dedication and our Strategic Focus on Diversification. We're excited to keep this Momentum Going and deliver even Greater Value to our Stakeholders.
The company saw its SPC/LVP floor segment grow the fastest and helped capture market in the United States of America. Responsive now has a strong presence in a large number of stores across the USA.
In the current Global Scenario, we are the Preferred Diversification Option for most customers across the world. The increased energy prices across Europe also helped company increase its presence.
The Company is under final stages of negotiations with New Customers that should enable guide the strong growth over the Next Multiple Quarters. We hope to continue our status as a Zero-Debt company.
As I have mentioned before, we are Exceptionally Proud of Responsive Industries’ performance in FY24. These financial results are a testament to the Dedication and Hard Work of our team. As we move forward, we Remain Committed to our Core Values of Innovation, Sustainability, and Exceptional Service to our customers. We are confident that Responsive Industries is Well-Positioned for Continued Success and Growth in the Future", added Mr. Agarwal.
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