Ratnaveer Precision Engineering Ltd reports impressive growth with 23.94% increase in Net Profit, achieving Rs31.04 Crore in FY24

Ratnaveer Precision Engineering Ltd (BSE: RATNAVEER), a leading provider of high-precision engineering solutions such as washers and tubes, announced robust financial results for the fiscal ending on March 31, 2024. For the FY 24, the company reported a remarkable 23.94% increase in net profit, reaching Rs 31.04 crore, underscoring its strong performance and strategic growth initiatives.

Key Financial Highlights for FY24:

- Net Profit: Rs 31.04 crore, a growth of 23.94% compared to the same last year.

- Revenue: Rs.602.40 crore, reflecting a solid increase of 25.20% year-on-year.

- EBITDA: Rs 57.04 crore, representing an increase of 21.23 % from the previous year.

- Earnings per Share (EPS): Rs 7.61, up by 4.82%.

Commenting on the fiscal year ended on March 31, 2024 performance Mr. Vijay Sanghavi, Managing Director, Ratnaveer Precision Engineering Ltd, "We are delighted to announce such a strong financial performance. This substantial growth in net profit is a testament to our unwavering commitment to innovation, operational excellence, and customer satisfaction. Our strategic investments and capital expenditure in advanced technologies and expansion into new markets have started to yield significant results, positioning us well for sustained growth in the coming quarters."

Business Highlights:

Product Innovation: Continued focus on design, research and development, leading to the launch of several new high-precision engineering products that have been well-received in the market.

Market Expansion: Strengthened presence in key international markets, contributing significantly to the revenue growth. Focussing on developing new revenue streams for pipes division from defence sector.

Sustainability Initiatives: Enhanced sustainability practices, including energy-efficient manufacturing processes and reduced carbon footprint, aligning with global environmental standards.

Looking ahead, Ratnaveer Precision Engineering Ltd remains optimistic about its growth prospects. The company plans to continue its investment in cutting-edge technologies, explore new market opportunities, and further strengthen its product portfolio to drive long-term value for its shareholders.

Shares of Ratnaveer Precision Engineering Limited was last trading in BSE at Rs. 134.75 as compared to the previous close of Rs. 130.95. The total number of shares traded during the day was 68237 in over 2170 trades.

The stock hit an intraday high of Rs. 137.00 and intraday low of 130.35. The net turnover during the day was Rs. 9152351.00.

Source : Equity Bulls

Keywords

RatnaveerPrecisionEngineering INE05CZ01011 IronandSteel Q4FY24 FY2024 ResultUpdate FY24