June 22, 2024
Financial Results

Mafatlal Industries’ FY24 Report: Revenue Peaks, Profit Peaks

Mafatlal Industries Ltd, a cornerstone of India’s textile sector, has announced its audited financial results for the fourth quarter (Q4FY24) and the full fiscal year (FY24), marking a historic milestone with the highest ever quarterly and annual revenues in the company’s long-standing history.

In Q4FY24, the company achieved an unprecedented revenue from operations of INR 764.2 Cr, representing a 125.9% increase from Q4FY23. Profit after tax (PAT) surged to INR 33.3 Cr, a remarkable 182.2% rise compared to the previous year’s quarter, while operating EBITDA nearly doubled to INR 18.0 Cr, reflecting a 97.8% growth. Noteworthy achievements during this quarter include the implementation of smart classrooms in 6,974 government schools in Odisha and the creation of a provision for deferred tax credit asset amounting to INR 19.7 Cr.

For the full fiscal year FY24, Mafatlal Industries reported a substantial annual revenue from operations of INR 2,078.4 Cr, marking a 51.7% year-on-year growth. The total income increased to INR 2,142.2 Cr from INR 1,415.6 Cr in FY23. Total EBITDA surpassed the INR 100 Cr milestone, reaching INR 109.4 Cr, a 48% increase. The company also managed to reduce its gross debt from INR 93.6 Cr as of March 31, 2023, to INR 81.7 Cr as of March 31, 2024.

The company’s robust performance is primarily attributed to the successful execution of new institutional orders and strategic initiatives that have reinforced its leading position in the uniform segment. The extensive supply chain network and ventures into consumer durables and digital infrastructure have also significantly contributed to this growth.

M. B. Raghunath, CEO of Mafatlal Industries Ltd., expressed his satisfaction, stating, “Our turnaround strategies have led to a remarkable FY24 performance, with key financial metrics surpassing decade-long records. Our execution capabilities and strong customer relationships are the foundation of our success. Looking ahead, we are optimistic about seizing opportunities in various segments through large institutional tenders.”

As of May 2024, Mafatlal’s order book stands robust at approximately INR 400 Cr, poised for near-future execution. The company continues to innovate and expand its product offerings, ensuring sustained growth and market leadership.

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