Tag: Finance

Mumbai (Maharashtra) [India], May 29: Krystal Integrated Services Limited (KISL), a market leader in facility management services across India has reported its best-ever results in a financial year on the back of strong operational and financial performance for the Q4 and FY24 ended March 2024. Company has continued to better its business performance and profit margins over the years with focused growth strategies and business expansion plans. Company has recommended a dividend of 15%, Rs. 1.50 per share on the face value of Rs. 10 per share for the FY 2023-24.

Financial Highlights

        (Amount in Rs. Cr)

* EBITDA excluding Other Income

** Excluding profit from discontinued operations

Net profit of the company during FY24 reported a growth of 45.2% Y-o-Y to Rs. 49 crore (PAT margin 4.8%) as against the net profit of Rs. 33.8 crore in FY23. Company reported EBITDA of Rs. 68.7 crore in FY24, rise of 37.8% as compared to EBITDA of Rs. 49.8 crore in FY23. Total Revenue during FY24 was reported at Rs. 1,026.8 crore, higher by 45.1% over previous fiscal’s same period total income of Rs. 707.6 crore.

KISL is One of India’s leading integrated facilities management services (IFMS) companies, with a focus on healthcare, education, public administration, airports, railways and metro infrastructure and retail sectors. It provides a comprehensive range of service offerings which include Integrated Facility Management, Staffing & Payroll Management, Private Security & Manned Guarding and Catering, providing a one-stop solution to its customer including government organisations. Company has reported a robust growth rates from FY21 to FY24 – Revenue CAGR of 29.6%, PAT CAGR of 71.7%.

Company has a strong business network with 41,061 on site employees, 28 branches, 369 customers and 2,487 locations served. Major revenue contributors in FY24 includes – Healthcare segment 29.06%, Education segment 20.13%, Airport, Railway and Metro Infrastructure – 5.4%

Commenting on the performance, Mr. Sanjay Dighe, CEO & Whole Time Director, Krystal Integrated Services Ltd, said, “I am pleased to share that the company has performed better than expectations, closing the fiscal year on a strong note. In FY24, our top line has grown 45.1% year-on-year to Rs. 1,026.8 crore, crossing the Rs. 1,000 crore mark for the first time. EBITDA and PAT increased 37.8% and 45.2% to Rs. 68.7 crore and Rs. 49.0 crore, respectively.

The growth mainly came from a robust increase in our order book as we continued to secure new contracts. We are strategically diversifying our business by expanding our corporate partnerships to reduce our reliance on government contracts. Concurrently, we are broadening our service offerings to include a more comprehensive portfolio. Overall, we have entered the new fiscal year on an optimistic note and aim to sustain this momentum in the coming quarters. I would like to thank the entire team at Krystal and all our stakeholders for their continued support.”

For Q4 ended FY24, company reported net profit of Rs. 15.7 crore (PAT margin 5.4%) as against net profit of Rs. 9.2 crore in the corresponding period last year, growth of 70.3%. Revenue for the Q4FY24 was reported at Rs. 292.2 crore, higher by 52.0% over previous fiscal’s same period income of Rs. 192.2 crore. Company reported EBITDA (Excluding other income) of Rs. 18.8 crore in Q4 FY24, rise of 97.7% as compared to Rs. 9.5 crore in the corresponding period last year.

About Krystal Integrated Services Limited: https://krystal-group.com/

KISL (BSE: 544149; NSE: KRYSTAL), one of India’s leading integrated facilities management services companies, specializes in sectors such as healthcare, education, public administration—including state government entities, municipal bodies, and other government offices—airports, railways, metro infrastructure, and retail. The company offers a comprehensive range of integrated facility management services across these varied sectors. Additionally, KISL provides staffing solutions and payroll management, private security and manned guarding services, and catering services.

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New Delhi (India), May 29: Established in 2012, Felix Industries Ltd is dedicated to providing complete water and environmental solutions. The company’s focus on Recycling, Re-using, Recovering, and Reducing underscores its commitment to environmental conservation.

With a portfolio boasting over 450 proprietary technologies, including physicochemical, biological, membrane-based, and hybrid treatments, Felix Industries manages water across various applications such as drinking water, industrial processes, wastewater treatment, and more.

Financial Performance

Felix Industries’ financial performance reflects its robust growth trajectory. With remarkable financial ratios, the company showcases strong financial health:

• Compound Annual Growth Rate (CAGR) of 259% over the past year
• 110% CAGR over three years
• Return on Equity (ROE) of 14% over the past year
• Return on Capital Employed (ROCE) of 16% 

The company’s stock is currently trading above its 50-day and 200-day moving averages, indicating investor confidence. Foreign Institutional Investors (FIIs) have also increased their holdings in Felix Industries, signalling positive market sentiment.

Felix Industries has demonstrated a commendable net income growth of 74% over the last five years, outperforming industry averages. This growth is attributed to strategic decisions such as high earnings retention and efficient management practices.

To know more about the company, visit: https://www.felixindustries.co/ 

Recent Milestone: Large Order Acquisition

The highlight of recent developments is Felix Industries’ acquisition of a significant order on May 21—a 1 MLD RO Package. Initially executing the order for 550 KLD, the company is set to commence operation and maintenance upon commissioning. 

This order, valued at INR 5,94,72,000/- (inclusive of GST) and to be executed within four months, marks a substantial milestone for Felix Industries.

Continuous Improvement through R&D

Felix Industries’ commitment to excellence is evident in its ongoing Research and Development (R&D) activities aimed at enhancing efficiency, quality, waste reduction, and water management across its operations.

In conclusion, Felix Industries Ltd continues to lead in the water and environmental solutions sector, with its recent order acquisition highlighting its growth trajectory and commitment to innovation and sustainability.

Disclaimer: This blog contains information and updated news related to Felix Industries Limited. The content presented here is for informational purposes only and should not be construed as financial or investment advice. 

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1st edition of UTECH India – Sustainable Polyurethane & Foam Expo (ISPUF) to be held at NESCO, Bombay Exhibition Center in Mumbai on 4-6th December 2024.

The Indian Polyurethane Foam Market is projected to reach a market value of US$ 5.18 billion (approx. INR 43000 crores) by 2031, with a CAGR of 8% between 2024-2031.

ISPUF Expo 2024 will showcase cutting-edge advancements across various sectors including Furniture, Automobile, Engine, Construction, Insulations, Footwear, Packaging, Chemicals, and more.

Mumbai (Maharashtra) [India], May 27: Media Fusion and Crain Communications, leading event organizers, announced India’s first sustainable Polyurethane & Foam Expo Show slated to take place at NESCO, Bombay Exhibition Center in Mumbai on 4-6th December 2024. This ground-breaking three-day exhibition and conference will bring together exhibitors and visitors including manufacturers, suppliers and buyers of sustainable foam and polyurethane materials, products, technologies & services under one roof. ISPUF serves as a catalyst, driving the industry towards its goal of reaching a market value of US$ 5.18 billion (approx. INR 43000 crores) by 2031, fueled by a compelling CAGR of 8.0% between 2024-2031.

Emphasizing on the growth of the industry, Mr. Matthew Barber, Global Events Director, Crain Communications said, “India’s fast-growing foam and polyurethane market, along with its robust construction sector, underscores the significant potential of the ISPUF Expo. With the construction industry’s market size estimated to reach $1.4 trillion by 2033, the demand for polyurethane foam is set to surge across key sectors.

India’s adoption of sustainable practices and the government’s production-linked incentives (PLI) schemes for industrial manufacturing are further driving the polyurethane foam market growth. ISPUF Expo fosters dialogue and collaboration for a sustainable polyurethane industry, offering a platform to explore the latest trends and innovations in the sector. Building lasting partnerships at ISPUF shapes the industry’s future.”

In line with the event’s focus on sustainability, a roundtable discussion was held on 15th May in Mumbai, addressing critical issues concerning the construction sector’s adoption of sustainable practices, particularly in utilizing polyurethane materials. The panelists included Mr. Vivek Mittal, Executive Director, Deloitte; Mr. Vinod Purohit, Chief Operating Officer, Cannon Indikos Machineries LLP; Mr. Raman Iyer, V.P. – Projects, Runwal Developers Pvt. Ltd.; Shri Aniruddha Nakhawa, National Hon. Gen. Treasurer-Elect, Builders’ Association of India; Er. Tukaram Devkar, Deputy General Manager, Lloyd Insulations; Mr. Mahesh Bangad, Chairman-Architects, Engineers, & Surveyors Association; Mr. Sharma Ravikumar, Sustainability Consultant, Conserve Consultant; Mr. James Snodgrass, Editor, Urethanes Technology; Dr. Shraddha Jadhav, HOD, Department of Interior Spaces, Vishwakarma University, Pune.

Mr. Vivek Mittal, Executive Director, Deloitte, said “India’s PU foam market is vast, and it’s essential to increase awareness about polyurethane foam insulation. Events like ISPUF serve as crucial platforms to showcase the benefits of PU foam in construction. Through live demonstrations, case studies, and expert discussions, people can witness how PU foam can be effectively utilized in various sectors, including commercial, industrial, and official buildings.

The roundtable aimed to address the pressing need for sustainable practices in the construction sector. Buildings contribute nearly 40% of CO2 emissions, and as India rapidly urbanizes, there’s a growing focus on making buildings more environmentally friendly. ISPUF brings crucial discussions to the forefront, highlighting how materials like PU foam can lead to long-term cost savings.”

Mr. Mahesh Bangad, Chairman, Architects, Engineers, & Surveyors Association, said, “Polyurethane foam finds applications in various sectors including shoes, wall panels, insulation, and mattresses. Today, it’s also used extensively in the packaging and electronics industries. In construction, PU foam is effectively utilized to reduce the weight of skyscraper walls, in warehousing, and for sealing airport roofs and gaps between windows and doors.

PU panels and sheets offer efficient insulation and can be used for cladding, contributing to environmentally friendly and cost-effective construction. With faster, more affordable construction methods, PU foam offers not only economic benefits but also contributes to a greener environment. PU foam currently holds a small market share in India; however, industry experts are optimistic that within the next 10 years, it could capture 30-40% of the market, particularly in fire insulation and other critical applications.

The upcoming UTECH India – Sustainable Polyurethane and Foam Expo from December 4-6, 2024, in Mumbai will provide an excellent platform to explore PU foam’s potential and its role in sustainable construction practices.”

Er. Tukaram Devkar, Deputy General Manager, Lloyd Insulations, said “In India, the PU foam market is substantial, and there’s a need to raise awareness about polyurethane foam insulation. We’re grateful to Media Fusion and Crain Communications for promoting this sustainable material. The recent roundtable aimed to promote sustainable practices in the construction sector, focusing on setting specifications and standards for PU foam across various industries.

By increasing awareness, we hope to encourage broader adoption of PU foam insulation. There are a few challenges like the need for greater acceptance of PU foam insulation and finding cost-effective solutions. It’s crucial to use economic grades of polyurethane foam tailored to specific application needs.

During the discussion, successful projects such as the Mumbai International Airport, IKEA buildings, and various cold storage facilities were shared. These projects effectively utilized polyurethane materials, reducing energy consumption and operational costs. Furthermore, by using eco-friendly blowing agents like CFC and HFC-free options can significantly reduce carbon emissions and contribute to sustainability efforts.”

ISPUF Expo 2024 promises to unveil the latest sustainable advancements across various sectors including Furniture, Automobile, Engine, Construction, Insulations, Footwear, Packaging, Chemicals, and others. As one of the most effective thermal insulation materials, polyurethane offers huge unrealised potential to reduce the energy used to heat and cool buildings.

Previously seen as harder to recycle than some other polymer-based materials, more and more commercially viable innovations are emerging for the mechanical and chemical recycling of polyurethanes. With rising CO 2 emissions being the fundamental driver of global warming, many companies are using CO 2 to produce new raw materials for polyurethane.

Bio-based polyols derived from natural raw materials including soya beans, caster beans and cashew nuts are becoming increasingly available as an alternative to fossil fuel derived polyols. In the automotive sector, innovative polyurethane materials are helping manufacturers to enhance vehicle sustainability and playing a key role in EV battery development.

All these innovations and more can be discovered at the UTECH India – Sustainable Foam and Polyurethane exhibition and conference.

Furthermore, the expo will showcase innovations in product sectors such as Antistatic Foam, Defoamers, Polyester Foam, Polyether Foam, Spray foam insulation, Specialist foam packaging, Molds, machinery & handling equipment, Casting & molding technology, Robotics/materials handling equipment/control systems, Cutting equipment, and more.

Highlighting the event’s significance, Taher Patrawala, Managing Director, Media Fusion, said, “With the Indian economy expected to grow by 6.4% in 2024, the demand for polyurethane foam is set to surge across key sectors such as construction, packaging, furniture, and footwear. UTECH India – Sustainable Polyurethane & Foam Expo comes at a crucial juncture, offering a platform to explore the latest trends and innovations in the polyols and polyurethane market.

As the industry increasingly prioritizes environmental sustainability and eco-friendliness, ISPUF provides an invaluable opportunity for stakeholders to engage, collaborate, and drive forward the future of sustainable foam solutions.”

The ISPUF Expo 2024 presents a golden opportunity for industry stakeholders to explore groundbreaking innovations, forge strategic partnerships, and drive the foam and polyurethane industry forward into a new era of excellence.

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New Delhi [India], May 25: Morepen Laboratories Limited (NSE: OREPENLAB, BSE: 500288), a leading player in the Medical Devices (Point of Care) and Active Pharmaceutical Ingredients (API) sector, is pleased to announce its impressive financial results for the fourth quarter of the fiscal 2023-24. Marking its 40th year of a remarkable journey, Morepen has demonstrated outstanding performance across key business segments.

Financial Highlights:

• Q4 FY24 Revenue: Gross revenue of INR 427 crores, 16.5% increase from INR. 367 crores in Q4’FY23.
• Annual FY24 Revenue: INR 1704 crores, a notable 20% rise compared to INR 1424 crores in FY23.

EBITDA:

EBITDA for Q4’FY24 surged by 182% to INR 52.62 crores from INR. 18.68 crores in the same quarter last year. For the full fiscal year, EBITDA more than doubled, achieving INR. 172.60 crores, up 101% from INR. 85.67 crores in FY23.

Profit Before Tax (PBT): PBT for Q4’FY24 was INR. 42.20 crores, a substantial increase of 279% from INR.

11.14 crores in Q4 FY23. Annually, PBT grew by 143% to INR. 135.42 crores from INR. 55.76 crores in FY23.

Profit After Tax (PAT): The PAT for Q4’FY24 stood at INR. 28.74 crores, showing a 249% growth compared to INR. 8.24 crores in the same period last year. On an annual basis, PAT increased by 150% to INR. 96.62 crores from INR. 38.68 crores in FY23.

Earnings Per Share (EPS): Jumped from INR 0.77 to INR 1.88 for FY24, indicating a great start to the journey ahead.

Business Highlights:

Morepen Laboratories has reinforced its position as a leading player in Home Diagnostics and point of care Medical Devices and APIs, the company remains debt-free and continues to be a category leader in both segments, exporting to 80 countries. While business sentiments remained bullish for the quarter and year as whole, there is a steep jump in EBITDA and Net profits.

Mr. Sushil Suri, Chairman and Managing Director of Morepen Laboratories, commented on the results, stating, “We are excited with the robust performance across all segments. Our strategic investments in the medical devices and API businesses have yielded excellent results, and we are confident of sustaining this momentum. The future looks promising as we continue to increase capacities and expand our market reach.”

Medical Devices:

The company has established itself as a leader in Blood Glucometers and Blood Pressure (BP) Monitors under Dr. Morepen brand. FY24 revenue at INR 443 crore recorded a substantial growth of 35% from base of INR 323 crores with a similar surge in Glucometer and BP Monitors sales which contribute over 95% of revenue with a notable 28% growth in Q4’FY24.

The company keeps investing and installing new Glucometers in the market and increase its customer base. With a loyal Dr. Morepen customer base of 11.6 million which has more than doubled in three years, our strip sales have also doubled over the same period . There are customised strips for Dr. Morepen Glucometers that generate recurring business for the company and the Dr. Morepen has proudly sold over 1.50 billion strips to date.

All Medical Devices are manufactured in-house at our ISO13485 Approved facilities at Baddi (HP) and we continue doing backward integration to reduce our dependence on imports and also for cost control to serve the market with consistent quality at the best prices. With increasing investments and market demand, our backward integration initiatives are giving us the full control over the supply chain and we are buying only ‘bare chips’ from the market and even the ‘chip mounting’ is done on highly sophisticated fully automatic high speed robotic SMT machines inhouse.

API Segment:

Morepen’s API segment continues to lead the market clocking INR 940 crores revenue registering a growth of 25% in Q4’FY24 and 14% for FY24, with over 90% of revenue stemming from six high-value products which are the Category Leaders.

The Company holds the number one market share for Loratadine, Desloratadine, and Montelukast, and ranks in the top four for Atorvastatin, Rosuvastatin, and Fexofenadine. Morepen’s commitment to quality and customer satisfaction has fostered over 60% repeat business from clients with relationships exceeding 10 years. The API segment achieved significant milestones, including a notable 32% increase in exports to the highly regulated US market and impressive growth rates of up to 53% across multiple continents. Notably, Fexofenadine experienced a remarkable revenue surge of over 300%, buoyed by recent USFDA approvals.

Despite encountering notable price pressures, the API business realized a commendable 14% growth in revenue and 39% growth in quantitative terms, with 68% of revenue originating from international markets, serving a clientele of over 500 customers worldwide.

Morepen’s relentless focus on high-quality manufacturing and dedicated efforts to produce in India have been pivotal to its success, with 39% of API quantities sold in metric tons. Furthermore, the company remains committed to expanding its global footprint and upholding the highest production standards to meet escalating international demand. Furthermore, Morepen Laboratories continues to drive innovation with 155 patents filed and 249 Drug Master Files (DMF) submitted. Additionally, the company has introduced 43 new molecules, showcasing its commitment to advancing pharmaceutical research and development.

Morepen boasts a robust distribution network with over 5,100 distributors and 328,000 retail touchpoints across India. The company has dedicated teams for Medical Devices, Rx, and OTC businesses, supported by a nationwide sales force of 580 members, including managers.

Looking ahead, Morepen Laboratories is committed to maintaining its growth by focusing on its strengths in medical devices and APIs. The company plans to invest further in research and development to introduce innovative products and expand its global presence.

About Morepen Laboratories Ltd.: (www.morepen.com)

Morepen Laboratories, established in 1984, is a leading player in the pharmaceutical and healthcare industry. Over the past four decades, Morepen has carved out a significant niche in the medical devices and Active Pharmaceutical Ingredients (API) segments. The company has consistently demonstrated strong performance and innovation, driving growth through strategic investments and market expansions.

Morepen’s API business is renowned for its high-quality products and extensive global reach. The company exports a substantial portion of its API products, catering to the needs of numerous international markets. Morepen holds a leadership position in the export of 6 key API products, Loratadine, Montelukast, Desloratadine, Atorvastatin and Fexofenadine.

In the medical devices segment, Morepen has made remarkable strides, particularly in the Point of Care (POC) diagnostics. The company’s Blood Glucose Monitors and Blood Pressure Monitors have shown impressive growth, driven by an aggressive market expansion strategy into tier-2 and tier-3 cities. Morepen has installed over 7.2 million glucometers to date and sold nearly 900 million blood glucose strips, marking a significant milestone in its journey.

Contact:

Morepen Laboratories Ltd.

Corporate Office: 2nd Floor, Tower C, DLF Cyber Park, Udyog Vihar – III, Sector 20, Gurugram, Haryana – 122016

Email: corporate@morepen.com

Nishant Doshi, VP – Corporate Finance & Investor Relations | 97695 33650 Nitika Saini, Manager – Corporate Communication | 9818533004

This press release contains forward-looking statements based on current expectations and assumptions regarding anticipated developments and other factors affecting the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

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Ahmedabad (Gujarat) [India], May 23:  Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands has achieved a significant business turnaround, reporting a drastic improvement in the operational and financial performance during Q4 and FY23-24 ended 31^st March 2024 as compared to the business performance reported in FY 22-23.

Business Highlights:-

• In Q4 FY24 Net sales was reported at Rs. 424 crore, EBITDA at Rs. 20 crore, Net Loss at Rs. 6 crore
• Exports for Q4 FY24 at Rs.76 crore; Exports during FY24 at Rs.246 crore comprising 16% of revenue
• Company signed Bollywood star Ranbir Kapoor as brand ambassador and launched campaign “Premium ka Pappa”
• Company is setting up Mega Display Centre cum Office at Ahmedabad with an estimated investment of Rs. 73.80 crore and also plans to setting up of Stock Point for Trading of Building Construction Material.  
• Inaugurated AGL Universe – a mega size showroom Panchkula, Haryana to expand the retail footprint
• Embarked on a journey of enhanced strategic integration programme (ESIP) to achieve a long-term vision of achieving a total revenue of Rs. 6,000 Crore

Financial Highlights (Standalone)

Standalone Highlights: – FY24 Results

The Company has reported a standalone net profit of Rs. 29.10 crore for the financial year ended 31^st March 2024 as compared to the net loss of Rs. 26.74 crore for the full year of FY23. Standalone Net sales of the company reported de-growth of 4% to Rs. 1305.14 crore in FY24 as against net sales of Rs. 1353.74 crore in FY23. EBITDA for FY24 stood at Rs. 29.61 crore (EBITDA Margin 2.27%) as against negative EBITDA of Rs. 38.52 crore (EBITDA Margin negative 2.85%) in FY23.

Standalone Highlights: – Q4 FY24 Results

The Company has reported a standalone net profit of Rs. 8.85 crore for Q4 FY24 as compared to the net loss of Rs. 32.56 crore for Q4 FY23. Standalone net sales for Q4 FY24 reported de-growth of 12% to Rs. 350.79 crore as against sales of Rs. 398.59 crore in Q4 FY23. EBITDA for Q4 FY24 stood at Rs. 8.18 crore (EBITDA Margin 2.33%) as against negative EBITDA of Rs. 43.55 crore (EBITDA Margin negative 10.93%) in Q4 FY23.

Financial Highlights (Consolidated)

Consolidated Highlights: – FY24 Results

The Company has reported a consolidated net loss of Rs. 20.07 crore for the financial year ended 31st March 2024 as compared to the net loss of Rs. 87.01 crore for the full year of FY23. Consolidated Net sales of the company reported de-growth of 2% to Rs. 1530.59 crore in FY24 as against net sales of Rs. 1562.72 crore in FY23. EBITDA for FY24 stood at Rs. 50.98 crore (EBITDA Margin 3.33%) as against negative EBITDA of Rs. 68.11 crore (EBITDA Margin negative 4.36%) in FY23. Exports for the FY24 was reported at Rs. 246 crore, rise 9% Y-o-Y as compared to export of Rs. 226 crore in FY23.

Consolidated Highlights: – Q4 FY24 Results

The Company has reported a consolidated net loss of Rs. 5.54 crore for Q4 FY24 as compared to the net loss of Rs. 48.41 crore for Q4 FY23. Consolidated net sales for Q4 FY24 reported de-growth of 7% to Rs. 423.63 crore as against sales of Rs. 455.75 crore in Q4 FY23. EBITDA for Q4 FY24 stood at Rs. 19.89 crore (EBITDA Margin 4.70%) as against negative EBITDA of Rs. 44.05 crore (EBITDA Margin negative 9.66%) in Q4 FY23.

Commenting on the results and performance, Mr. Kamlesh Patel, Chairman and Managing Director said, “The Company has closed Q4 and FY24 on a high note, achieving better operational and financial performance, indicating a significant improvement. Moving forward, the company remains optimistic and is prepared for a quantum jump in the coming years. Strategic initiatives such as the Morbi expansion, AGL demerger, and signing Ranbir Kapoor as a brand ambassador indicate the company’s strong commitment towards growth and becoming a global brand. With steadfast commitment, the company aims to achieve a total revenue of Rs. 6,000 Crore, driven by a visionary long-term vision.

In a strategic move to elevate its brand, company has signed Bollywood superstar Ranbir Kapoor as its brand ambassador and launched the “Premium ka Pappa” campaign. This partnership underscores the brand’s dedication to excellence and promises an exciting future. With Kapoor’s endorsement, the brand seeks to expand its reach, particularly among the youth, driving forward its vision of growth and connectivity. It also aims to resonate with consumers’ aspirations and emotions, establishing a strong connection with both trade partners and customers through its emphasis on premium experiences and sophisticated appeal.

Further to offer a comprehensive building materials solutions under one umbrella, company under AGL Sanitaryware Pvt. Ltd entered the Sanitaryware manufacturing. Company has installed 0.66 million pieces per annum cutting-edge Tech plant for sanitaryware products, marking a significant shift from third-party sourcing to internal manufacturing. The company expects the sanitaryware division to achieve a turnover of approximately Rs. 400 crore within the next five years.

AGL has recently unveiled AGL Universe, a grand showroom in Panchkula, Haryana, showcasing the company’s excellence in production, technology, and innovation. With lavish displays and realistic mockups, it features the latest Marblex, Stylex, Fresco, Tuffguard, Signature, and Artware collections. The showroom offers over 1400 premium tiles and surfaces, including Glazed Vitrified tiles, Grand Slabs, Engineered marble, Quartz, and Sanitaryware.

Company is also setting up Mega Display Centre cum Office at Ahmedabad with an estimated investment of Rs. 73.80 crore and also plans to setting up of Stock Point for Trading of Building Construction Material.

About Asian Granito India Limited

Established in the year 2000, Asian Granito India Ltd. (AGL) has emerged as India’s leading Luxury Surfaces and Bathware Solutions brand in a short span of two decades. The Company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets. AGL products are synonymous with reliability, adaptability, innovation, quality consciousness and the company has created a strong brand identity, well recognized globally and loyal customer following across segments. Today it is 4^th largest listed ceramic tile company in India with employee strength of 6,000 plus.

Ranked amongst the top ceramic tiles companies in India, AGL has achieved over 65 times growth in its production capacity, from 0.83 Million Sq. Mtrs. Per Annum in FY 2000 to 54.5 Million Sq. Mtrs. Per Annum in FY 2023. AGL is also the only tiles company to be acknowledged in the Vibrant Gujarat Summit 2015 for achieving phenomenal growth.

The Company has 14 state-of-the-art manufacturing units spread across Gujarat and 235 plus exclusive franchisee showrooms, 12 company owned display centers across India. Further, the Company has an extensive marketing and distribution network pan India with 14,000 plus touchpoints including distributors, dealers and sub-dealers in India. The company also exports to more than 100 countries.

The Company looks to strengthen its identity as the leader in the Indian ceramic industry by consistently introducing innovative and value-added products in the market to keep pace with its valued customers. Headquartered in Ahmedabad, AGL is listed on NSE & BSE and reported net consolidated turnover of INR 1530.6 crore in FY 2024. (For more information, please visit: www.aglasiangranito.com)

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New Delhi (India), May 22: Noida-based B2B Proptech SaaS company, FretBox has secured seed investment from CXO Factor, a leading investment advisory firm based in Los Angeles. This investment marks CXO Factor’s first investment in the Indian startup ecosystem. 

Existing investors from FretBox’s Angel and Pre-seed funding rounds have also increased their investment in this Seed funding round.

As higher education in India experiences rapid growth, there is an increasing demand for modern hostel infrastructure and advanced technology to support digitization and automation. FretBox (FretBox), a scalable and specialised vertical SaaS platform, caters exclusively to university student accommodation and is well positioned for substantial growth in this burgeoning market.

Ashish Gupta, CEO – FretBox, stated on the occasion, “The investment and support will be used to rapidly develop our technical offerings and expand our reach.” Bishnu Sahoo, CTO   and Sidharth Kaul, COO echoed their sentiments, emphasizing the importance of the funding in accelerating the company’s growth and innovation.

FretBox has transformed the university student living experience at prestigious campuses, including Galgotias University in Noida, Thapar Institute in Patiala, KIIT in Bhubaneswar, Oriental University in Indore, and People’s University in Bhopal, benefiting 60,000 students. Further, over 50 additional universities are currently in discussions to implement FretBox’s solutions to enhance hostel management and provide a stress-free living experience for students.

About FretBox

Established in 2022, FretBox offers a comprehensive proptech solution for university and college hostels. The platform offers features such as a notice board, visitor log, amenities booking, digital assistant, fee collection, and security desk. Serving a diverse clientele, FretBox partners with both private and government institutions, committed to enhancing the student living experience through digital innovation.

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Ahmedabad (Gujarat) [India], May 20: Ajooni Biotech Ltd (NSE – AJOONI) – leading and a PURE VEG. animal health care solutions company is schedule to open its Rs 43.81 crore rights issue on May 21, 2024. The funds raised through the issue will be utilised to finance expenditure towards acquisition of Land, site development and civil work, to acquire the plant & machinery; part finance the working capital requirement and corporate purposes. Right issue of the company are offered at a price of Rs. 5 per share – over 20% discount to closing share price of Rs. 6.5 per share on 18 May, 2024. Rights Issue closes on 31^st May, 2024. Company promoter group is also participating in the rights issue.

Highlights:

• The company will issue 8.76 crore fully-paid equity shares at an issue price of Rs. 5 per share
• Shares in Rights issue priced at Rs. 5 per share – over 20% discount to closing share price on 18 May 2024; Rights Issue will close on May 31, 2024
• Right Issue funds will be utilised to meet the working capital requirements, fund company’s expansion plans, acquisition of land, acquired plant and machinery and corporate purpose
• The rights entitlement ratio for the proposed rights issue is 1:1, 1 rights equity shares of Rs. 2 each for every 1 equity shares held by the eligible equity shareholders
• CRISIL Limited has raised company’s long-term credit facilities ratings to “CRISIL BB+/ Stable”

Ajooni Biotech Ltd

(A Pure Veg Animal Healthcare Company)   

The Company will issue 8,76,13,721 fully paid-up Equity Shares of the face value of Rs. 2 each for cash at a price of Rs. 5 per Equity Share aggregating to Rs. 43.81 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:1 (1 equity shares of face value of Rs. 2 each for every 1 equity share held by the equity shareholders on the record date – May 7, 2024). The last date for On-market Renunciation of Rights Entitlements is 27 May, 2024.

Company is planning to establish a new plant with an investment of Rs. 16.50 crore at G.T. Road in Khanna, Punjab (adjacent to their existing plant) spanning 87,000 sq ft.  The new unit will be entitled for incentives including 3% interest Subvention, Capital subsidy of Rs. 50 lakhs offered by Government of India, 100% GST and 100% stamp duty reimbursement among many others.

In the next 2-3 years company projects its turnover to reach in the range of Rs. 250-270 crore in FY 2026-27 and anticipates PAT margin of 5% of the turnover.

               

(Source: NSE)

Mr. Jasjot Singh, Managing Director, Ajooni Biotech Ltd said, “We specialize in offering high-quality, pure veg cattle feed & pure veg supplements that cater to the dietary needs of cattle. Our products are designed to promote healthy growth, improve fertility, and enhance overall well-being in cattle. With our focus on animal health and welfare, we’re committed to providing farmers with the best possible solutions for their cattle. We’re now entering the B2C market, marking a significant expansion of our business scope. This new initiative will allow us to reach individual consumers directly, offering them a wider range of products and services. It will also improve the top line and bottom line of the Company. We’re in the process of appointing new dealers and in the first month more than 100 dealers itself have already been appointed on PAN India basis by the company. Proceeds of the issue will further strengthen company’s balance sheet and help fund its expansion plans and strategic growth initiatives.” 

CRISIL Limited has raised company’s long-term credit facilities ratings to “CRISIL BB+/ Stable”. This upgrade underscores company’s ongoing efforts to improve risk profile, revenue streams, and operational profitability. It highlights the significant expertise of company’s promoters, strong customer partnerships, and favourable financial risk position. Although company recognize the potential impact of fluctuating raw material prices, they are fully committed to managing and minimizing such risks.

On 17 May 2024, company has signed an MOU with Unati Agri Allied & Marketing Multi state Cooperative Society Limited (UAMMCL). This partnership aims to enhance PURE VEG. Cattle feed business through forward and backward integration, encompassing Raw Material Supply, Warehousing, Storage, Consumer Connectivity & Research and Development within the operational area.

As part of its strategic growth plan, Ajooni will adopt modern irrigation techniques for cultivating Moringa plants. In collaboration with UAMMCL, the company will initiate the Moringa plantation process from the ground up, progressing to the processing of Moringa leaves and seeds to manufacture final products, focusing on both PURE VEG. animal and human nutrition as well as renewable energy solutions. UAMMCL is supported by Department of Biotechnology (Government of India) & Punjab State Council for Science & Technology.

Established in the year 2010, Ajooni Biotech Ltd is India’s first pure veg cattle food company to have ZED Gold process under MSME – Make In India initiative dedicated to improving the productivity of Dairy farmers and sustainably increase livestock yields. Company has two state-of-the-art manufacturing facilities with a cumulative Animal feed production capacity of 1,60,000 MTPA and liquid supplements capacity of 30 lakh Litres per annum. Company is currently working with more than 10,000 farmer families in seven states of Northern India and plans to grow nationally. I

For FY 23, Company reported sales of Rs. 74.5 crore and Net profit of Rs. 1.12 crore. Company has achieved strong CAGR of 23% in Sales and 45% in Net Profit during the last 3. Company came up with it’s IPO on NSE Emerge platform in December 2017 & migrated to the main board of NSE in May 2022.

About Ajooni Biotech Limited

Ajooni Biotech Limited is a PURE VEG. animal health care solutions company. It stands as a trailblazer, innovator, and frontrunner in the realm of animal feed production, prioritizing excellence in quality, safety, and production innovation, along with a commitment to delivering exceptional customer service.

With a comprehensive feed range, AJOONI has emerged as a significant player in the animal pure veg. feed and pure veg. feed supplement. Opting for AJOONI signifies partnering with a responsive, attentive ally boasting extensive experience and a nuanced understanding of the intricate dynamics within the livestock market.

AJOONI’s primary objective revolves around optimizing productivity, meeting animals’ Pure Veg. nutritional and feed requirements comprehensively, and attaining an optimal dietary balance.

Company aims to be a steadfast ally to farmers, with our team of experts offering their wealth of knowledge and years of experience to devise tailored diet programs and provide optimal recommendations for the sustained growth and advancement of livestock. Other than Ajooni there are very few companies in the organized listed space which is into Pure Veg. cattle feed & supplement feed in India.

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Ahmedabad (Gujarat) [India], May 20:  Board of Director of Ahmedabad basedSellwin Traders Ltd has approved the proposal to make strategic investment in Patel Container India Pvt Ltd. Company will acquire 36% stake in Patel Container which is extendible up to 51% over the next two years. Investment by Sellwin Traders will be utilized to support the establishment of a new manufacturing facility for logistic containers in Bhavnagar District, Gujarat.

Highlights:-

• Sellwin Traders will acquire 36% stake in Patel Container which is extendible up to 51% over the next two years.
• Investment by Sellwin Traders will be utilized to support the establishment of a new manufacturing facility for logistic containers in Bhavnagar, Gujarat by Patel Container where it propose to invest Rs. 45 crore
• Company has also announced to invest approximately Rs. 200 million in Shah Metacorp Ltd to capitalize on the promising opportunities in the metal industry
• Completed conversion of preferential allotment of 1.2 crore warrants into 1.2 crore Equity Shares of face value Rs. 10 each upon receipt of balanced amount
• Appointed Mr. Vedant Rakesh Panchal as Managing Director and Chairperson of the Company w.e.f. 17 May, 2024 subject to the approval of shareholders.

Patel Container signed an MOU in Vibrant Gujarat Global Summit 2024 to invest Rs. 45 crore for manufacturing facility in Bhavnagar to establish a facility for logistic containers in Bhavnagar District, Gujarat. The project is estimated to generate employment for 100 people and expect commencement in the year 2025. Bhavnagar offers strategic advantages for the unit, including proximity to major ports and trade routes, which will optimize logistics and distribution.

During FY24, company has turn around its business operations and reported 56% growth in total income to Rs. 61.7 crore as compared to Rs. 39.60 crore in FY23.

Mr.  Vedant Panchal, Managing Director, Sellwin Traders Ltd, said, “MOU for making strategic investment in Patel Container India Pvt Ltd was executed on 15 May 2024.  This venture not only diversifies Sellwin Traders’ portfolio but also positions it advantageously in a high-growth industry of logistics and metal. By leveraging advanced manufacturing technologies and establishing efficient operational setups, Sellwin Traders can expect fruitful outcomes from this investment in Patel Container India Pvt Ltd.”

Company has also announced plans to invest around Rs. 200 million in Shah Metacorp Ltd (BSE & NSE Listed Company) over the next two years to align with company’s long-term growth strategy and aims to capitalize on the promising opportunities in the metal industry. The investment will be utilized to support Shah Metacorp Ltd’s expansion initiatives, enhance production capacities, strengthen research and development capabilities, and explore new market segments. Shah Metacorp Ltd is known for its strong operational capabilities, innovative products, and sustainable business practices and presents a compelling investment opportunity for our company.

In the company’s board meeting dated 17 May 2024, company has appointed Mr. Vedant Rakesh Panchal as Managing Director and Chairperson of the Company w.e.f. 17.05.2024 subject to the approval of shareholders.

Company has also completed conversion of preferential allotment of 1.2 crore warrants into 1.2 crore Equity Shares of face value Rs. 10 each. Pursuant to conversion, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 20.26 crore consisting of 2,02,60,000 fully paid-up Equity Shares of Rs. 10 each. Company issued the 1.20 crore Equity Shares at a price of Rs. 12.95 per Equity share upon receipt of balance amount at the rate of Rs. 9.7125 per Equity Share.

In April 2024, company entered in to share purchase agreement, to make a strategic investment in Patel & Patel E-Commerce And Services Pvt Ltd. Company agreed to acquire 66.67% of the total paid-up share capital in the form of equity shares of Patel & Patel E-Commerce And Services Pvt Ltd. Patel & Patel E-Commerce And Services Pvt Ltd is currently engaged is in business of Software designing, development, customisation, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions.

Consolidated Financial Highlights

                                                                                                          (Rs. Lakh)

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Ahmedabad (Gujarat) [India], May 14: Shanti Spintex Limited (BSE: SHANTIDENM) (“Company”), engaged in production of denim fabrics, announced its financial results for the second half year and full financial year ended March 31, 2024. The Company continued its growth trajectory by delivering the strongest set of financial results for FY24. 

Key Highlights: 

• Highest ever annual revenue achieved in FY24 amounting to INR 5.06 Billion 
• Highest ever EBITDA of INR 246.40 million, with EBITDA Margin of 4.87% in FY24 
• Profit after tax increased by 28.53% in FY24 and stood at Rs. 130.18 Mn.
• Net debt reduced by 46.83% Y-o-Y in FY24 
• Consistent performance in FY24 as revenue grow by 36.59% Y-o-Y, EBITDA by 13.82% Y-o-Y and PBT by 26.58% Y-o-Y.

In F.Y. 2023-24, owing to the strong demand, the Company achieved total revenue from its operations of Rs. 5.06 Bn, which is 36.59% above as compared to F.Y. 2022-23. Due to the robust increase in the revenue, PAT of the Company grew to Rs. 130.18 Mn. depicting a jump of 28.53% as compared to corresponding F.Y. 2022-23.

The Company has been successful in bringing its debt equity ratio from 0.74 to 0.26, significantly reducing its debt burden and strengthening its financial position. The Consolidated debt of the Company as on March 31, 2024 stood only at Rs. 222.14 Mn.

In the last 4 fiscals, the revenue of the Company has grown at a CAGR of 64.90%, wherein the EBITDA and PAT has grown at CAGR of 29.66% and 56.82% respectively.

Company’s growth trajectory in last 4 fiscals:

(Rs. In Million except percentages and ratios)

Commenting on the financial results, Mr. Rikin Bharatbhushan Agarwal, Managing Director, Shanti Spintex Limited, said:

“We are delighted to share that Shanti Spintex Limited has achieved remarkable revenue and profit growth in fiscal year 2024, surpassing all previous records. Our success is attributed to the effectiveness of our market strategies, emphasis on quality product offerings and customer-centric approach.

Our company has witnessed unprecedented growth in both revenue and profits, reflecting the strength and resilience of our business model. Our focus on cost optimization, process improvements, and prudent financial management has contributed to these commendable results. Looking ahead, we remain committed to pursuing growth opportunities and enhancing shareholder value.”

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Mumbai (Maharashtra) [India], May 11: Informa Markets in India successfully inaugurated the second edition of SAFE West India, India’s leading security and fire expo, at the Bombay Exhibition Centre in Mumbai. Held from May 9th to 11th, 2024, the three-day event served as a premier platform for industry stakeholders, government representatives, and security enthusiasts to engage in collaborative innovation.

SAFE West encompasses a wide range of trends and solutions in the realm of commercial security and surveillance, focusing on preventive technologies and innovations tailored for the Western India market. The expo united esteemed Indian brands specializing in CCTV, surveillance, biometrics, entrance automation, access control, GPS, Wi-Fi routers, RFID, spy cameras, POE switches, power supply, and CCTV cables.

The inaugural ceremony of SAFE West India 2024 was graced by esteemed guests, including Mr. Sanjeev Tiwari, ARVP, ASIS West India Region; Mr. Sandeep Sabharwal, Assistant Vice President – Corporate Administration, Aditya Birla Management Corporation Pvt. Ltd; Mr. Vijay Goel, Vice President, Trade Association of Information Technology (TAIT); Prof. Amol Deshmukh, Police and Cyber Advisor, Dept. of Home, Govt. of Maharashtra; Mr. Yogesh Mudras, Managing Director, Informa Markets in India; Mr. Pankaj Jain, Sr. Group Director & Digital Head, Informa Markets in India.

Over 75 brands, including prominent players like Hikvision, Prama, Panasonic, CP Plus, ZKTeco, ESSL, Biomax, Matrix Comsec, Securus, Voltaic Cables, Realtime, Timewatch, TP Link, etc, are exhibiting their latest products, services, and technologies.  

Recognizing the significance of SAFE West India, Mr. Sandeep Sabharwal, Assistant Vice President – Corporate Administration, Aditya Birla Management Corporation Pvt. Ltd, said “SAFE West India provides a valuable platform for stakeholders from various sectors, including vendors, industries, and end-users, to come together and collaborate.

The evolution of security is evident, from traditional methods to integrated technological solutions like AI, IoT, and cloud-based systems. Now security is an integrated form, not limited to a guard at the gate but includes sophisticated systems such as video monitoring, perimeter intrusion detection, and drone surveillance, enhancing overall safety. With this being the second edition, we are confident that SAFE West India will surpass its previous successes.”

Prof. Amol Deshmukh, Police and Cyber Advisor, Dept. of Home, Govt. of Maharashtra, said “From July 1st, significant changes are underway as three old acts—Indian Penal Code, Indian Criminal Procedure Code, and Indian Evidence Act—are being replaced by Bharatiya Nyaya Sanhita, Bharatiya Nyaya Shastra, and Bharatiya Saksha Adhiniyam.

These new acts aim to revamp and replace outdated colonial laws in India, focusing on a victim-centric approach and enhancing national and homeland security. Recent reports from the National Crime Record Bureau indicate an increase in cyber and physical crimes. However, with advancements in technology, law enforcement agencies are better equipped to solve crimes.

Today, surveillance teams in control rooms can identify detailed information, including the brand of spectacles someone is wearing. This technological shift has revolutionized crime investigation and fire safety, aiding in both prevention and investigation. Integration of cyber and physical security offers a unique opportunity to create a safer India. The knowledge shared at SAFE West India will contribute significantly to our collective efforts.”

Speaking on the 2nd edition of SAFE West India in Mumbai, Mr. Yogesh Mudras, Managing Director, Informa Markets in India said, “As India strives to achieve its target of a $5 trillion economy, the government’s investment of approximately $30 billion in smart city initiatives underscores the growing importance of security and safety infrastructure. Related hardware, including surveillance and safety equipment, communication devices, displays, video surveillance, access control systems, and detectors and sensors incorporating Internet-of-Things technologies, will be in high demand.”

“Additionally, with the Indian Electronic Security Market projected to surge from USD 2.56 billion in 2024 to USD 7.36 billion by 2029, at a compelling CAGR of 23.57%, SAFE West India serves as a crucial platform. With our second edition we’re committed to bridging the gap between the show and end-users in key cities across Maharashtra, Gujarat, Goa, parts of North & Coastal Karnataka, and Madhya Pradesh. SAFE West India continues to offer a distinctive opportunity for key players in the commercial, industrial, and homeland security sectors to access and thrive in the rapidly expanding Western market.” He added.

Mr. Vijay Goel, Vice President, Trade Association of Information Technology (TAIT), said “SAFE West India is an excellent event, underscores the importance of security, a critical aspect for both the present and the future. Today, security is a primary concern, whether it’s physical or digital. People are now willing to invest more in security than ever before.

By providing a platform for OEMs, customers, system integrators, solution partners, and regional distributors, SAFE West India, organized by Informa Markets in India, has played a pivotal role in addressing the critical issue of security. We acknowledge the invaluable opportunity, the exhibition provides by showcasing cutting-edge security solutions, enhancing industry collaborations, and promoting the latest advancements in security solutions.”

Highlighting the importance of the event, Mr. Sanjeev Tiwari, ARVP, American Society for Industrial Security (ASIS) West India Region, said “The emphasis on technology in today’s security landscape is undeniable. Many organizations are now looking to replace mundane tasks with technology. Especially in a country with a population exceeding 1.4 billion, it’s essential to adapt to the changing technological landscape.

India is focusing on ambitious and innovative programs such as the Smart Cities Mission, aiming to eliminate infrastructural bottlenecks, minimise operational friction, and promote a healthy urban environment. Recent innovations in surveillance, security, and network offerings are gradually reducing the costs of specialized products and increasing their overall effectiveness. 

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