Tag: Finance

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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Creditwalle is revolutionising borrowing experience with the launch of its game-changing financial services platform, empowering borrowers with fast lending mechanism, transparency, and 24/7 availability, so borrowers never have to go elsewhere.

In an era inspired by convenience, accessibility, and speed, the financial environment is powerfully evolving. Instant loans from are becoming a trusted source of lending for those who need financial support right away. User-friendly interface, availability 24 hours a day, easy access to funding, and prompt disbursal make these platforms for loans an attractive choice. Creditwalle not only offers these advantages but also provides unbiased real ARPs, single application forms, credit score protection, quick and high conversion, and more. It provides borrowers with exceptional and unmatched instant loans in a few hours. 

Creditwalle’s game-changing platform plays a significant part in digital borrowing. Its comprehensive fintech approach makes the borrowing process seamless so that once understood by the borrower; borrowers will never struggle to look elsewhere. Each Creditwalle service streamlines transparency and convenience to offer prompt cash for instant needs. This permits users searching for instant financial support to consistently apply for an instant loan, submit details, and get quick disbursals. 

Modern-day digital marvels have brought convenience into lending. Creditwalle understands this. The platform lives up to the expectation of borrowers with all kinds of personal loan services for unique needs, including loans to meet financial obligations. It even offers its users with high-end loan services such as home renovation loans, instant medical emergency loans, immediate shopping loans, travel and leisure loans, and loans to clear bills, etc., also ensuring transparent and convenient borrowing experience.

Creditwalle is not as limited as the traditional system of loans. While traditional lending procedures included thorough steps to be followed, from filling out lengthy forms to sharing one’s personal income, Creditwalle doesn’t do so. It promises to make loans instantly available for borrowers online. Any user can almost instantly access the funds they need in a couple of hours without sacrificing their integrity or exposing their financial liabilities. It helps borrowers enjoy hassle-free repayment tenures and enjoy the cash they need as quickly as possible. 

Creditwalle, a unit of Woodland Securities Private Limited, is transforming financial borrowing experience. A spokesperson of the game-changing platform, shares, “We believe Creditwalle is changing the way people borrow loans very conveniently. From unparalleled convenience to transparency in services, Creditwalle makes it seamless for the new-generation to get a personal loan in the present time. This is just the beginning for us! Our team is working hard to make Creditwalle a premier choice of borrowers in the country.”

Creditwalle is a user-friendly borrowing platform inspiring the new generation of borrowers. It strives to make borrowing easy and simple for users who have busy schedules and a lot of financial obligations to meet. The platform is committed to consistently bringing new features to meet the unique borrowing needs of its users. The entire team associated with this game-changing financial services platform works strenuously to deliver a one-of-a-kind borrowing experience. 

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Ahmedabad (Gujarat) [India], May 6:  Ashapuri Gold Ornament Ltd (BSE – AGOL – 542579) – one of the prominent manufacturers and wholesalers of gold jewellery is schedule to open its Rs 48.75 crore rights issue on May 08, 2024. The funds raised through the issue will be utilised to meet the working capital requirements to fund company’s expansion plans, entering new geographies and for general corporate purposes. Right issue of the company are offered at a price of Rs. 5.85 per share – 57.45% discount to closing share price on 3^rd May, 2024. Rights Issue closes on 27^th May, 2024.

Issue Highlights:

• The company will issue 8.33 crore fully-paid equity shares at an issue price of Rs. 5.85 per share
• Shares in Rights issue priced attractively at Rs. 5.85 per share – 57.45% discount to closing share price on 3 May 2024; Rights Issue will close on May 27, 2024
• Right Issue funds will be utilised to meet the working capital requirements, fund company’s expansion plans, entering new geographies and for general corporate purpose
• The rights entitlement ratio for the proposed rights issue is 1:3, 1 rights equity shares of Rs. 1 each for every 3 equity shares of Rs. 1 each held by the eligible equity shareholders

Ashapuri Gold Ornament Ltd

(A Leading Jewellery Manufacturer of Antique Gold Jewellery) 

The Company will issue 8,33,28,666 fully paid-up Equity Shares of the face value of Rs. 1 each for cash at a price of Rs. 5.85 per Equity Share (including a premium of Rs. 4.85 per Equity Share) aggregating to Rs. 48.75 crore. The Rights entitlement ratio for the proposed issue is fixed at 1:3 (1 equity shares of face value of Rs. 1 each for every 3 equity shares of Rs. 1 each held by the equity shareholders on the record date – April 18, 2024). The last date for On-market Renunciation of Rights Entitlements is 21^st May, 2024.

Commenting on the development, Dinesh Kumar Soni, Managing Director, Ashapuri Gold Ornament Ltd said, “Company has taken important strategic initiatives in the recent past with a focus to expand production capacities, launching new product lines and collections for different markets. Our long-term focus continues to be investing in team Development, participating In India’s largest B2B exhibitions, Proceeds of the issue will further strengthen company’s balance sheet and help fund its expansion plans and strategic growth initiatives.” 

Company’s Board of directors on April 10, 2024 approved the issuance of equity shares by way of a rights issue to eligible equity shareholders for an amount not exceeding Rs 48.75 crore. Post the rights issue, total outstanding shares of the company should increase to 33,33,14,666 equity shares from 24,99,86,000 equity shares prior to the rights issue.

Ashapuri Gold Ornament Limited, one of the leading manufacturers and wholesalers of gold Ornament has been in the business for over 28 years and has been a trailblazer in the gold jewellery industry. With a manufacturing unit spanning 14,000 square feet in Ahmedabad and a branch office in Bangalore.

Company offers a range of collections catering to various customer segments. Company has three Collections named “Maayin”, “Kaavis” & “Arzish” which caters to diverse customer segments from high end to mid-markets and value market segment. The company’s product range includes Necklace, Bangles, Bridal Jewellery, and Choker.

The company has factory premises of 14,000 square feet and corporate house at CG Road, Ahmedabad. The factory employs more than 200 artisans (jewellery artisans) and has a capacity of 400 artisans. Company’s prestigious clientele includes India’s Big Corporate Giants like, Titan Company limited – Tanishq, Malabar Gold, Kalyan Jewellers, Senco Gold Limited and many others.

For FY 24, Company reported sales of Rs. 165.06 crore – a growth of 4.46 per cent as against sales of Rs 158 crore in FY23, EBITDA grew 165 per cent to Rs 9.62 crore in FY23, Net Profit registered 317 per cent rise during FY23 to Rs 7.42 crore. Company has achieved strong CAGR of 6.48 per cent in Sales and 74 per cent in Net Profit during the last 5 years with an improving return ratio.

Promoter Group holding in the company is 64.08 per cent as on 31^st March, 2024. Company came up with its IPO on the BSE SME platform in March 2019 & migrated to the main board of BSE in July 16, 2021. On 18 July 2023, there has been a stock split from Rs. 10 per equity share to Rs 1 per equity share.

Robust Financial Performance over the last 5 years

Company has reported robust financial performance over the last 5 years. Sales has grew at a CAGR of 6.48 per cent to Rs 165 crore in FY24 from Rs 120 crore in FY20. Net Profit too have maintain strong 74 per cent plus CAGR during 5 years from FY20 to FY24.

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Mumbai (Maharashtra) [India], May 6:  Two foreign funds have bought total of 2,99,200 shares of MOS Utility Limited (further referred to as “MOS”) in a bulk deal on 2 May 2024. Saint Capital Fund and Zinninai Global Fund PCC- Cell Dewcap fund have bought 1,49,200 shares each in the company. Both funds together have bought shares worth Rs. 5.77 crore in the company.

• Saint Capital Fund and Zinninai Global Fund PCC- Cell Dewcap fund bought 1,49,200 shares each in the company on 2 May 2024
• Both funds together have bought shares worth Rs. 5.77 crore in the company.

On 2 May 2024, Saint Capital Fund bought 1,49,200 shares of MOS Utility at Rs. 193.96 per share, investing Rs. 2.90 crore. Saint Capital Fund is a SEBI registered FPI and a boutique Global Investment Fund with prime focus on long term investment in growth companies and create exceptional impact driven by success. The objective is to create wealth over a long period of time through investing in diverse range of assets.

Zinninai Global Fund PCC- Cell Dewcap fund also bought 1,49,200 shares of MOS Utility at Rs. 191.98 per share, investing Rs. 2.87 crore. Zinnia global fund PCC is a boutique firm that offers advisory and fund management services to global investors. It focuses on traditional asset classes like debt, listed & unlisted equities & derivatives.

MOS Utility Limited is a pioneering fintech company that provides a wide range of innovative payment solutions and utility services to businesses and individuals. Company has rich and varied experience with reputed Giant corporations in India. It has established an extensive network of Business Correspondents (TeamBC) spanning over 25 states, poised to make a significant impact in reaching the last mile consumer.  

Recently, MOS Utility Limited and Bank of India unite to Empower Business Correspondents (BC) and Enhance Financial Inclusion.

MOS Utility Ltd was originally incorporated as ‘MOS Utility Private Limited’ on July 27, 2009, as a private limited company issued by RoC, Mumbai. The Company was converted into a public limited company and the name of the Company was changed to MOS Utility Limited vide a Fresh Certificate of Incorporation on August 03, 2022.

The Company is one of the fastest growing Fintech Companies, B2B E-commerce Companies and promotes the government’s ongoing mission, ‘Vocal for Local’ to scale new heights in digital India. Its performance is backed by the finest technology and operational platform. It provides a platform to agents who then facilitate booking of instant flight tickets, hotel booking, bus booking, recharge any mobile phone and DTH, digitally transfer money to any bank account, AEPS, Bill payments of electricity, telephone, and insurance premiums and to Sell Travel, 2- Wheeler, 4-Wheeler and health insurance without any investment and by the agent just with the help of PC or Laptop with an Internet connection.

The Company organizes business under 7 primary business segments, comprising of banking, travel, insurance, utility services, entertainment services, franchisee, and other services. It is a technology provider of digital products and services in the B2C, B2B and financial technology through an integrated business model via the online portal i.e. www.biz-solutionz.com. It provides courier franchises or authorizes their agents/distributors as partners. As of September 30, 2022, the Company had over 1,68,018 network partners which includes agents, distributors, and master distributors for payment solutions, remittance, utility, travel, and insurance products.

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