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Household Products company Carysil announced FY24 results:

• Exports Revenue for FY24 stood at Rs 543.4 crore up by 17.5% on YoY
• Domestic Revenue for FY24 stood at Rs 140.4 crore up by 6.7% on YoY
• Total Income Rs 688.1 crore up by 15.9% YoY
• PAT after MI was Rs 57.9 crore up by 10.4% YoY
• EBITDA Margin stood at 19.4% in FY24, impacted due to the integration effect of United Granite LLC and the opening of newer experience centres/ galleries
• Dispatches during the quarter were marred by red sea issue. This has delayed deliveries at least by 4-5 week

Chirag Parekh, Chairman & Managing Director said, "FY24 began on a challenging note due to geopolitical uncertainties. However, the environment improved with each passing quarter, particularly in the United States and the United Kingdom, while Europe continued to experience subpar demand and economic activities. Regarding regional growth, the United States has seen more organic expansion, whereas, in the UK, our focus is currently on acquiring new customers. Furthermore, Red Sea issues have hampered shipment by 3-4 weeks, resulting in increased freight costs of 2-3% of export sales.

Despite the challenging year, our total income grew by 15.9% to Rs 688.1 crore. We also saw an improvement in EBITDA, which increased by 22.7% to Rs 133.6 crore, and a rise in profitability to Rs 58.4 crore, reflecting a 10.5% year-over-year growth.

Our subsidiary, United Granite LLC, is showing promising progress. Although they were facing higher costs due to local sourcing of raw materials which we have addressed effectively by diversifying our procurement from India. With these issues now getting resolved, we anticipate better performance going forward.

For FY24, utilization rates for the quartz and steel sinks segments were at ~60% and ~78*%, respectively, reflecting an improved demand scenario and healthy order inflow. We expect this positive trend to persist into FY25.

The strategic efforts undertaken throughout the year have positioned us well to capitalize on emerging opportunities. Our commitment to customer satisfaction and operational excellence remains unwavering, and we are optimistic about achieving sustained growth and enhanced profitability in the coming years.”

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