Ratnaveer Precision Engineering FY24 Profit Up 24% to Rs 31 cr

New Delhi, May 24 (PTI) Ratnaveer Precision Engineering on Friday posted nearly 24 per cent growth in FY24 net profit at Rs 31.04 crore, mainly on the back of higher revenues.

The company had logged a net profit of Rs 25.03 crore in FY23, a statement said.

Revenue stood at Rs 602.40 crore in FY24, registering an increase of 25.20 per cent year-on- year.

Earnings per share (EPS) increased by 4.82 per cent to Rs 7.61 in the fiscal from Rs 7.26 a year ago.

"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," Managing Director Vijay Sanghavi said.

The company continued its 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, the statement said.

It strengthened its presence in key international markets, contributing significantly to the revenue growth and is focussing on developing new revenue streams for pipes division from the defence sector.

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, it said.

Ratnaveer Precision Engineering is engaged in manufacture and export of stainless-steel washers, sheet metal components, stainless tubes and pipes, and stainless-steel finished sheets.

The company has four manufacturing units in Gujarat.