Business
Responsive Industries sees its Net Profit Jump by 165.81% YoY
Mumbai, February 5, 2024 — Responsive Industries Limited, a leading India-based manufacturer ofLuxury Vinyl Plank (LVP), Resilient Sheet Vinyl, Synthetic Leather, Synthetic Ropes and Waterproofing Membrane, has announced its financial performance for the third quarter and nine months ended on December 31st, 2023.
Quarterly Results:
|
Particulars (₹ Cr.) |
Q3FY23 |
Q2FY24 |
Q3FY24 |
YoY |
|
Revenue |
263.93 |
268.35 |
267.27 |
1.27% |
|
EBITDA |
39.44 |
66.60 |
67.93 |
72.24% |
|
EBITDA Margin |
14.94% |
24.82% |
25.42% |
– |
|
Net Profit After Tax |
16.82 |
40.67 |
44.71 |
165.81% |
|
Net Profit After Tax Margin |
6.23% |
15.16% |
16.73% |
– |
Nine Month Results:
|
Particulars (₹ Cr.) |
9MFY23 |
9MFY24 |
% Change |
|
Revenue |
736.50 |
798.79 |
8.46% |
|
EBITDA |
81.56 |
185.51 |
127.45% |
|
EBITDA Margin |
11.07% |
23.22% |
– |
|
Net Profit After Tax |
1.70 |
115.40 |
6688.24% |
|
Net Profit After Tax Margin |
0.23% |
14.44% |
– |
Key Highlights:
Commenting on the business performance, Mr. Rishabh Agarwal, Non-Executive Director &Chairman, Responsive Industries Limited said,
The Company had an excellent quarter, having been focused purely on expanding the margins and the same can be seen over the past few quarters. Our Sales were similar to previous quarters due to the holiday season. We have added New Distributors & Direct Customers whichshould add robust sales over the next 6 to 8 quarters, this should help the Company grow at approx. 30 to 35% CAGR in the next couple of years.
The Company supports the government push for Atma Nirbhar & Viksit Bharat, and willgain from their decision to covert 40,000 normal bogies to Vande Bharat along with the Green Energy Vision and adoption of e-buses for public transport. The government push for infrastructure development is also a positive for Responsive.
The Company’s current capacities are sufficient to cater to the increased demand over thenext couple of years. The company is currently a Zero-Debt company.
“We are exceptionally proud of Responsive Industries’ performance in Q3-FY24. Thesefinancial 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.”
The improved EBITDA margin and Net margin have become possible due to our improved operational efficiency, added Mr. Agarwal.
About Responsive Industries Limited : Responsive Industries is a well-established company with over 3 decades of experience in manufacturing, marketing, and distributing a wide range of products, including luxury vinyl planks,resilient vinyl sheet, synthetic leather, synthetic ropes, and waterproof membrane. They operatewithin five product verticals, each catering to different industries. They are the largest vinyl flooring player in India and have a US subsidiary for distribution and customer service. The company’s leadership is in the hands of a second-generation entrepreneur with 15 years of experience in the vinyl flooring business, holding a degree in Mechanical Engineering and Business Administration. Their products, such as Luxury Vinyl Plank and synthetic leather, find applications in various industries, including residential and commercial spaces, healthcare, transportation, and more. This diverse product portfolio and industry presence make Responsive Industries a significant player in itsfield, with a strong focus on quality and innovation.
Disclaimer: This press release may contain forward-looking statements, and some expressions may soundsuperlative, every person reading the statements and press release is expected to correlate the same with numbers and find out for themselves. Actual results may vary based on various factors and market conditions.