Himatsingka Sees Positive Growth In Q3 FY24 With 35.3% EBITDA Surge
In the quarter ended December 31, 2023, Himatsingka, a leading textile manufacturer, reported consolidated financial highlights showcasing both challenges and triumphs.
The company’s consolidated total Income decreased by 3.3% YoY to Rs 725.10 crore compared to Rs 750.04 crore in Q3 FY23. EBITDA witnessed robust growth, surging by 35.3% to Rs 158.39 crore from Rs 117.04 crore in the same quarter last year. The EBITDA margin for Q3 FY24 improved significantly, standing at 21.8% compared to 15.6% in Q3 FY23. The consolidated EBIT grew to Rs 120.13 crore from Rs 75.58 crore in Q3 FY23. Consolidated PBT for Q3 FY24 rose to Rs 45.28 crore, a substantial increase from Rs 3.25 crore in Q3 FY23, while consolidated PAT for Q3 FY24 reached Rs 31.16 crore, marking a significant improvement from Rs 2.20 crore in Q3 FY23.
For the nine months ended December 31, 2023, the consolidated total income increased by 4.4% YoY to Rs 2,159.79 crore, up from Rs 2,068.74 crore in 9MFY23. EBITDA for 9MFY24 witnessed remarkable growth, surging by 110.5% to Rs 466.79 crore from Rs 221.74 crore in 9MFY23. The EBITDA margin for 9MFY24 stood at 21.6%, a significant improvement from 10.7% in 9MFY23. The consolidated EBIT for 9MFY24 rose to Rs 346.33 crore from Rs 97.71 crore in 9MFY23. Consolidated PBT for 9MFY24 increased to Rs 132.71 crore, recovering from a loss of Rs 111.09 crore in 9MFY23. Consolidated PAT for 9MFY24 reached Rs 89.09 crore, bouncing back from a loss of Rs 86.42 crore in 9MFY23.
The company’s capacity utilization levels at manufacturing facilities demonstrated improvement. The capacity utilization in Spinning Division was 99%, Sheeting Division 67% and Terry Towel Division 67%.
Shrikant Himatsingka, Executive Vice Chairman and Managing Director, expressed satisfaction with the Q3 FY24 operating performance, emphasizing a focus on increasing capacity utilization levels and market share. He highlighted the positive foray into the domestic market, projecting it as a significant revenue contributor in the coming years.
