Mumbai, August 16, 2024: The Board of Directors at Remsons Industries Ltd , an automotive OEM components manufacturer supplying to two, three and four- wheeler vehicles, commercial vehicles and off-highway vehicles all over India and automotive OEM’s globally, today approved the financial results for the quarter and financial year ended June 30, 2024.
Key Business Updates
1. Remsons bagged fourth order from Tata Motors for the supply of winches used for Spare Wheel for its new model Tata Nexon CNG. total size of the order stands at INR30cr which is to be executed over a period of three years.
2. Remsons Industries Ltd received “Gold Medal” by Ecovadis in Sustainability Assessment. This accolade recognizes Remsons Industries Ltd. as one of the top 5% of all evaluated companies globally, reaffirming its commitment to environmental, social, and governance (ESG) excellence.
3. Remsons-Uni, a Subsidiary of Remsons bags LOI worth INR 30cr for the supply of sensors to a leading Tier 1 supplier of the Auto Industry to be executed over a period of 3 years.
4. Remsons acquired 55% stake in newly incorporated Joint Venture “Remsons-Uni Autonics Private Ltd” from its present promoters to become a subsidiary of Remsons.
5. Remsons Shares Stock Split was done make shares more accessible to a broader range of investors by making the shares more affordable. (Subdivision of equity shares of Rs 10/- Each to Rs 2/- Each). Record Date 5th July 2024.
6. Remsons was Ranked 30th by Great Place to Work, for being among India’s great Mid-Size Workplaces.
Commenting on the Results, Mr. Krishna Kejriwal, Managing Director said, “I am pleased to announce that Remsons Industries has commenced FY25 with a strong performance. Remsons 1QFY25 growth was in line with expectations our revenue grew 5% YoY, reaching Rs 765Mn. EBITDA for the quarter stood at INR 65Mn while achieving margin of 8.5% in 1QFY25. In the current quarter Net profit increased significantly 36% YoY to INR 27Mn, solidifying our strong financial performance. We are very much on track to achieve target of INR 9,000 – INR 10,000mn by FY28. Our outstanding achievement is attributed to strategic initiatives like higher value products, operational efficiency improvements, and robust export realizations. Looking ahead, we’re confident in our future-ready position thanks to the revolutionary changes brought about by digital transformation and our solid intent to move up the value chain.
Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions, and collaborations. As always, we remain dedicated to shareholder value creation with unwavering passion and commitment. In the coming quarter and beyond, we’ll focus on strengthening our business model by climbing the value chain, ensuring continued success.”
