Responsive Industries Limited, a leading India-based manufacturer of Luxury Vinyl Plank (LVP), Resilient Sheet Vinyl, Synthetic Leather, Synthetic Ropes and Waterproofing Membrane, has announced its financial performance for the third quarter and nine months ended on December 31st, 2023.
The company's EBITDA expanded significantly, reaching Rs 67.93 Cr (25.42%) for the quarter, demonstrating smooth operations, correct product mix and sustainable margins. EBITDA for Q3 has increased by 72.24% on YoY basis, this growth can be attributed to key factors such as market expansion, product diversification, and increased customer base
Responsive Industries has successfully continued to deliver on the bottom line with Net Profit standing at Rs 44.71 Cr (16.73%) for the quarter. Net Profit for Q3 has increased by 165.81% on YoY basis.
The company showed great performance over the 9 Month period, clocking an EBITDA of Rs 185.51 Cr (23.22%) vs Rs 81.56 Cr, an increase of 127.45%. Similarly, the Net Profit over the same period zoomed to Rs 115.40 Cr (14.44%) against Rs 1.70 Cr (0.23%) an astounding increase of 6688.24%.
The Company has an unwavering commitment to innovation and cutting-edge technology to continue to deliver consistent growth for the next quarters.
Responsive Industries successfully expanded its market presence to new regions, capitalizing on emerging opportunities and strengthening its global reach.Commenting on the business performance, Rishabh Agarwal, Non-Executive Director & Chairman, Responsive Industries Limited said, The Company had an excellent quarter, having been focused purely on expanding the margins and the same can be seen over the past few quarters. Our Sales were similar to previous quarters due to the holiday season. We have added New Distributors & Direct Customers which should add robust sales over the next 6 to 8 quarters, this should help the Company grow at approx. 30 to 35% CAGR in the next couple of years.
The Company supports the government push for Atma Nirbhar & Viksit Bharat, and will gain from their decision to covert 40,000 normal bogies to Vande Bharat along with the Green Energy Vision and adoption of e-buses for public transport. The government push for infrastructure development is also a positive for Responsive.
The Company’s current capacities are sufficient to cater to the increased demand over the next couple of years. The company is currently a Zero-Debt company.
"We are exceptionally proud of Responsive Industries’ performance in Q3-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."
The improved EBITDA margin and Net margin have become possible due to our improved operational efficiency, added Agarwal.
