Consolidated results for Quarter / Year ended 31st March, 2024
PRNewswire
Mumbai (Maharashtra) [India], May 30: Responsive Industries Limited, a leading India-based manufacturer of Luxury Vinyl Plank (LVP), SPC Floors, Resilient Sheet Vinyl, Synthetic Leather, Synthetic Ropes and Waterproofing Membrane, has announced its financial performance for the fourth quarter and year ended on March 31st,2024.
FY24 Results:
4th Quarter Results:
Key Highlights:
1. Profitability: The company's EBITDA showed robust growth, reaching Rs261.25 Crores (107.36%) for the year ended March 31st, 2024 showcasing the company's commitment and focus on margin accreditive products. EBITDA for Q4 increased by 70.36% on YoY basis to Rs75.74 Crores, this growth is clearly demonstrated by the faith of our customers, creation of new product segments and inroads into established markets.
2. Net Profit: Responsive Industries continues its strong positioning by clocking a Net Profit of Rs161.26 Crores (an increase of 561.17%) for the FY24. Net Profit for Q4 has increased by 101.72% (Rs45.87 Crore vs. Rs22.74 Crore) on YoY basis.
3. Earnings Per Share: EPS for FY24 is at Rs6.05 per share as against Rs0.91 for FY23, an annualized growth of 564.84%.
4. Customer Acquisition: Responsive has become the preferred supplier of flooring products to many customers worldwide and continues to acquire new ones based on the goodwill and quality of its products.
5. New Market Expansion: Responsive Industries has been able to enter new markets globally and has established itself as a top source for materials.
Commenting on the business performance, Mr. Rishabh Agarwal, Chairman, Responsive Industries Limited said, "We are thrilled to announce another year of Robust Growth and Strong Financial Performance. Our consistent focus on Innovation, Quality, and Customer Satisfaction has driven us to new heights. As we move forward, we remain committed to expanding our market presence. We're seeing all our Business Verticals Firing on all Cylinders now. This Strong Revenue Growth across the board is a testament to our team's Dedication and our Strategic Focus on Diversification. We're excited to keep this Momentum Going and deliver even Greater Value to our Stakeholders."
The company saw its SPC/LVP floor segment grow the fastest and helped capture market in the United States of America. Responsive now has a strong presence in a large number of stores across the USA.
In the current Global Scenario, we are the Preferred Diversification Option for most customers across the world. The increased energy prices across Europe also helped company increase its presence.
The Company is under final stages of negotiations with New Customers that should enable guide the strong growth over the Next Multiple Quarters. We hope to continue our status as a Zero-Debt company.
As I have mentioned before, we are Exceptionally Proud of Responsive Industries' performance in FY24. These financial 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," 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 operate within 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 its field, with a strong focus on quality and innovation.
Disclaimer:
Certain statements that are made in the Media Release may be forward-looking statements. Such forward- looking statements are subject to certain risks and uncertainties like significant changes in the economic environment in India and overseas, tax laws, inflation, litigation, etc. Actual results might differ substantially from those expressed or implied. Responsive Industries Ltd. will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. Some expressions may sound superlative, 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.
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