Gravita India Q3 Net Profit Rises 22% to Rs 61 Cr

New Delhi, Jan 24 (PTI) Gravita India on Wednesday posted a 22 per cent rise in consolidated net profit to Rs 61.47 crore in the December quarter, supported by a decrease in expenses.

It had clocked a net profit of Rs 50.47 crore during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company's total income during the third quarter of the ongoing fiscal fell to Rs 773.21 crore from Rs 784.06 crore a year ago, it said.

Expenses during the quarter under review trimmed to Rs 699.44 crore from Rs 726.39 crore a year ago.

"Our company has delivered a strong financial and operational performance. The EBITDA and profit after tax for nine months (April-December) have increased 19 per cent and 24 per cent, respectively," Yogesh Malhotra, Whole-Time Director & CEO of Gravita India, said.

Measures to increase the proportion of value-added products and back-to-back hedging for risk mitigation contributed to the positive numbers, he added.

Jaipur-based Gravita is a leading recycling company with 11 manufacturing facilities across the globe, having a total capacity of 2.51 metric tonne per annum.