Eco Recycling Limited Achieves Extraordinary Financial Growth: Consolidated Net Profit Surges by 293% in 9M FY24
Mumbai (Maharashtra) [India], February 15: Eco Recycling Limited (BSE: 530643, ECORECO), India’s first and leading professional E-waste Management Company today announced its unaudited financial results for the Nine Months & Quarter ended 31stDecember 2023 (9M & Q3 FY24).
Consolidated Q3 FY24 Key Financials at a Glance:
• Total Income of ₹ 9.60 Cr, YoY growth of 58.42 %
• EBITDA of ₹ 7.37 Cr, YoY growth of 79.76 %
• EBITDA Margin of 76.77 %, YoY growth of 911 Bps
• Net Profit of ₹ 5.99 Cr, YoY growth of 65.01 %
• Net Profit Margin of 62.40 %, YoY growth of 249 Bps
• EPS of ₹ 2.97, YoY growth of 50.00 %
Consolidated 9M FY24 Key Financials at a Glance:
• Total Income of ₹ 27.61 Cr, YoY growth of 64.74 %
• EBITDA of ₹ 20.41 Cr, YoY growth of 87.76 %
• EBITDA Margin of 73.92 %, YoY growth of 907 Bps
• Net Profit of ₹ 19.33 Cr, YoY growth of 292.89 %
• Net Profit Margin of 59.98 %, YoY growth of 31 Bps
• EPS of ₹ 8.58, YoY growth of 65.64 %
Commenting on the performance, Mr. B K Soni – Managing Director of Eco Recycling Limited said, “Our Company’soutstanding performance in the quarter, marked by substantial increases in total Income and net profit, reflects our commitment to excellence. Net profit surged by 293% for the nine months of FY24 compared to the same period in FY23, demonstrating significant growth.
Our focus on high-value e-waste services, coupled with contributions from global business, has been pivotal in driving this success. We are poised for continued growth, particularly with additional revenue expected from EPR Business. Our proactive support for major global brands in meeting their EPR obligations underscores our leadership in the e-waste recycling industry. This success is attributed to government support and effective implementation of EPR rules, aligning with our commitment to eco-friendly practices and sustainability. Our investment in technology further strengthens our capabilities, ensuring our position as a frontrunner in e-waste management.”
| Highlights for Q3 FY24 (October 2023 – December 2023) | |
| Inauguration of ‘Recycling on Wheels Smart-ER’ Initiative on 3rd October 2023 | Ecoreco’s “Recycling on Wheels Smart-ER,” inaugurated by Union Minister Dr. Jitendra Singh, formalizes the e-waste sector with ₹6.00 crore funding from the Technology Development Board. Prioritizing eco-friendly methods and worker safety, it aligns with Extended Producer Responsibility, Circular Economy, and supports Swachhata Hi Seva and Prime Minister Modi’s cleaner India vision, addressing the need for proper e-waste disposal awareness. |
| Capacity Expansion | New Capacity of 18,000 MTPA added during February 2024 |
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