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Textiles company Sportking India announced Q4FY24 results:
Financial Highlights:
- Export contribution to revenue from operations stood at 41% for the quarter.
- Revenue from operation stood at Rs 611.7 crore for Q4 FY24, up 14.5% YoY and 2.1% QoQ.
- EBITDA for Q4 FY24 was Rs 67.1 crore – an increase of 20.4% YoY and 38.0% QoQ. EBITDA Marginfor the quarter improved by 286 bps sequentially & 54 bps on a yearly basis to reach 11.0%.
- Cash Profit after Tax for the quarter was Rs 44.7 crore – stable YoY and registering a growth of 24.5% QoQ.
- The Board has recommended a Final Dividend of Rs 5/- per equity share of face value of Rs 10/-each (50% of Face Value) and 5% on Non-Cumulative Non-Convertible Redeemable PreferenceShares of face value of 10/- Dividend payout would thus be ~9.5% of FY24 Profit after Tax.
Commenting on the results, Mr. Munish Avasthi, Chairman & Managing Director said, “In a year marked by economic vagaries fueled by regional conflicts across the globe, it fills me with pride to look back at our performance in the financial year gone by. On the operations front - smooth integration of the newly expanded capacity to ensure a faster turnaround and ramping up of our utilization levels as well as timely completion and operationalization of all phases of solar power roof top project were testaments to our strong execution capabilities.
We added another feather in our cap with the recognition as a “Four Star Export House” by MCI for our export efforts. During the year, both domestic and export markets had their periods of ebbs and flows, and thus revenue by geographies have remained largely equal.
Favorable cotton-yarn spreads and judicious procurement decisions improved margins in the current quarter. This was aided by domestic demand improvement in the previous quarter, continuing in the current quarter as well. Our operations remain at full scale, and with quarterly trend of major expenseheads intact – we foresee the current performance to be replicable in the near future. We remain hopeful that the trend of margin recovery to continue going forward. Regular efforts are being undertaken to explore and assess viability of capacity expansion and portfolio expansion of our current yarn offerings. We firmly believe that there is enough impetus for growth in our sector and we will continue to capitalize on that. Our outlook for the upcoming financial year remains positive driven by favorable realizations, pickup in demand of export market and policy support from the regulators”
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