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The company stated that increase in finance cost (up 27.38% YoY) owing to increase in interest rates and higher depreciation (up 28.19% YoY) on account of capex done in last year and this year has led to decline in PAT.
Revenue from operations fell 3.97% year on year (YoY) to Rs 1,294.76 crore in the quarter ended 31 December 2023.
Operating EBITDA de-grew 7.86% to Rs 84 crore in Q3 FY24 as against 87 crore posted in Q3 FY23. Operating EBITDA Margin reduced to 6.3% in Q3 FY24 as compared to 6.6% in corresponding quarter last year.
On nine-month basis, the company recorded 28.2% YoY decline in consolidated profit to Rs 38.21 crore in 9M FY24. Revenue from operations declined marginally to Rs 3,923.81 crore in 9M FY24 from Rs 3,924.48 crore posted in the corresponding period previous year.
Further, the board has approved the scheme of amalgamation between IL JIN Electronics (India) and Ever Electronics (EVER), the material subsidiary and subsidiary of the company, respectively. The scheme was approved by the boards of ILJIN and EVER at their respective meetings. The scheme is subject to necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal, the shareholders and creditors of each of the companies.
Jasbir Singh, executive chairman & CEO and whole time director of Amber Enterprises India, said, "In the 9M FY24 period, our revenues stood at Rs 3,924 crore, while our operating EBITDA climbed to Rs 285 crore, representing a 5% YoY growth, translating to 40 basis points increase in operating margins compared to the previous year.
Our recent acquisition of a 60% equity share in Ascent Circuits marks a significant advancement in our EMS portfolio, as it enhances local value addition and facilitates backward integration into the passive components of PCB Assemblies. With the Electronics division serving as a cornerstone of our operations for years, we anticipate substantial growth opportunities as it aligns with our strategic vision under the Amber 2.0 framework in the upcoming year.
Furthermore, our strategic collaboration with Titagarh Rail Systems positions us to deliver comprehensive integrated solutions to rolling stock manufacturers, catering to railway subsystems across both domestic and international markets. Additionally, our planned equity investments into Titagarh Firema SpA, Italy, underscore our commitment to global expansion within the mobility sector. Looking forward, this division is poised to embody the transformative potential of our Amber 3.0 strategy."
Amber Enterprises India is principally engaged in the business of manufacturing of consumer durable products.
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