Gravita India's consolidated net profit surged by 22% to Rs 61.47 crore in the December quarter, driven by lower expenses. Total income declined slightly year-on-year.
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.
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