Kamdhenu Ventures Limited, India’s leading brand in Indian Decorative Paints Segment, has declared its Unaudited Financial Results for the quarter ended 30th June 2023
|Particulars (Rs. Crs.)||Q1 FY24||Q1 FY23||Y-o-Y|
|Revenue from Operations||61.7||54.7||13%|
|Profit After Tax||2.2||-3.8||–|
KEY BUSINESS UPDATES
• Issue of Bonus Shares: The Board of Directors of the Company have approved and recommended the issuance of fully paid-up bonus equity shares of Rs. 5/- each to the shareholders of the Company in the proportion of 1:1
• Average Selling Price per KG/Ltr for Q1 FY24 increased by 16% to Rs. 87 from Rs. 75 in Q1FY23
“Commenting on the results and performance, Mr. Saurabh Agarwal, Managing Director said:
In Q1 FY24, we have seen a turn around in the paints business. Revenues grew by 13% YoY to Rs. 62 crores, EBITDA stood at Rs.4 crores as compared to -Rs. 1.2 crores last year. This is due to better product mix, reduction in raw material prices and improved efficiencies. Our PAT has also turned positive to Rs. 2.2 crores for the quarter.
The Company has raised funds to the tune of Rs. 65.25 crores. We have utilized the same towards reduction of working capital debt of paints business. This will further help improve the profitability of the Company.
The escalating need for paints in India has resulted in a fiercely competitive market, where companies are employing diverse tactics to expand their market presence. In response to this demand, the Indian paint industry has increasingly focused on eco-friendly and sustainable offerings, witnessing a surge in the demand for premium and superior-quality paints. Moreover, there is a growing inclination towards decorative and textured paints, all of which will play pivotal roles in shaping the future landscape of the Indian Paint Industry. The Paints Industry comprises a wide array of products and is projected to achieve a CAGR of 10% over the next five years, reaching a value of one lakh crores.
Kamdhenu Ventures is committed to sustained growth, poised to leverage prevailing opportunities, and set to outperform the industry in the years ahead. Our target is to achieve revenues of Rs. 1,000 crore by FY28. The Company continues to implement strategic initiatives to strengthen its position as a prominent player in the Paint industry”