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Stock Report
Ashapura Minechem reports strong growth in revenue and net profit in Q3 FY24
Posted On : 2024-02-15 11:19:38( TIMEZONE : IST )
Ashapura Minechem Ltd. (BSE: 527001 | NSE: ASHAPURMIN) India's leading multi-minerals solution provider, today announced its financial results for the third quarter for 9 months ended December 31, 2023.
Total Income:
In Q3 FY24, Ashapura Minechem recorded a total income of Rs. 719.00 Crores, representing a substantial increase from Rs. 555.06 Crores reported in the same period last year. This remarkable growth in total income underscores the company's ability to capture market opportunities and effectively capitalize on favorable industry dynamics.
Profitability Metrics:
The company's profitability metrics also demonstrated significant improvement during the quarter. Profit Before Tax (PBT) stood at Rs. 54.02 Crores, compared to Rs. 40.34 Crores in Q3 FY23, reflecting a commendable growth of approximately 33.9%. Similarly, Profit After Tax (PAT) witnessed a substantial increase, reaching Rs. 54.19 Crores in Q3 FY24 compared to Rs. 29.03 Crores in the corresponding period last year.
Year-to-Date Performance:
For the first nine months of FY24, Ashapura Minechem continued its strong performance trajectory. The company reported a total income of Rs. 2,344.95 Crores, significantly higher than the Rs. 1,198.89 Crores recorded in the same period of the previous fiscal year. Similarly, both PBT and PAT for the 9M FY24 period experienced remarkable growth compared to the corresponding period in FY23, highlighting the sustained momentum in the company's financial performance.
As compared to Q3 FY 2022-23, on a consolidated basis, the Company's revenues in Q3 FY 2023-24 increased by 29.54 %, whereas the Profit After Tax for Q3 FY 2023-24 increased by 86.67 %. As compared to 9M FY 2022-23, on a consolidated basis, the Company's revenues during 9M FY 2023-24 increased by 95.59 %, whereas the Profit After Tax for 9M FY 2023-24 increased by 206.41%.
Although there was a robust growth in the revenues & profits as compared to the corresponding quarter of the previous year, an explosion in Guinea's main oil tanker terminal in Conakry lead to countrywide disruptions in the availability of fuel. This in turn hampered the Company's Bauxite exports during the later part of the quarter.
All the other business verticals of the Company such as Bentonite, Bleaching Clay Kolin and Advanced Ceramic Materials have performed well.
On February 12, 2024, Ashapura Minechem Ltd. ('AML') has entered into a One Time Settlement ('OTS') with Global Value Investments Pte Ltd. ('GVI') in Dubai wherein AML has agreed to pay Rs. 110 crores against a liability of Rs. 165.77 crores (as of December 31, 2023), resulting into an extraordinary gain of Rs. 55.77 crores on account of the discount negotiated with GVI. This extraordinary gain will reflect in Q4 FY 2024.
The Company is at the advanced stages of negotiating settlements with other large non-operational creditors.
The Company expects to complete the construction of a new port in Boffa in Guinea by Q1 FY 25, this will go a long way in debottlenecking the port congestion currently faced at the existing ports in Guinea.
Shares of Ashapura Minechem Limited was last trading in BSE at Rs. 375.35 as compared to the previous close of Rs. 364.75. The total number of shares traded during the day was 25269 in over 1345 trades.
The stock hit an intraday high of Rs. 380.00 and intraday low of 350.55. The net turnover during the day was Rs. 9322058.00.
