Hot Pursuit     30-May-24
Rishabh Instruments slides as Q4 PAT plummets 84% YoY
Rishabh Instruments tumbled 9.33% to Rs 427.25 after the company’s consolidated net profit slumped 83.88% to Rs 2.40 crore in Q4 FY24 as against Rs 14.89 crore reported in Q4 FY23.

Revenue from operations rose marginally to Rs 177.91 crore in Q4 FY24 from Rs 174.49 crore recorded in the corresponding quarter last year.

Profit before tax dropped 42.25% year on year to Rs 11.21 crore during the quarter.

EBITDA stood at Rs 18 crore in Q4 FY24, down 27.8% from Rs 25 crore posted in Q4 FY23. EBITDA margin reduced to 10.1% in Q4 FY24 as compared to 14.3% in Q4 FY23.

On a full year basis, the company reported 15.29% decline in consolidated net profit to Rs 39.66 crore on 21.11% increase in revenue to Rs 689.75 crore in FY24 over FY23.

Dinesh Musalekar, CEO of Rishabh Instruments, said, “During FY24, we achieved a growth of 21% Y-o-Y in Revenues to Rs 6,897 Mn which reinforces the demand for our products across all categories globally. We continue to see top line growth in all our companies and across geographies.

During FY24, we have added around 17 new products designed and developed from our R&D Centers in Nashik, Zielona Gora (Poland) and Shanghai (China) in line with our commitment to continuously innovate and introduce new products. We have ~20 products in pipeline to be added by FY25. These new products added in last 2 years contributed to around 10% incremental growth to our topline.

We hold a positive outlook on exploring untapped markets in India, USA and China to enhance our existing market share as well as penetrating new market to broaden and diversify our customer base. We have witnessed a positive response from existing customers on the back of our quality norms and this gives us confidence to tap higher market share across geographies. We remain highly committed and optimistic for coming quarters on back of higher infrastructure and energy transition spendings which will fuel our growth going forward.”

Rishabh Instruments is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, etc. with diverse applications across industries including power, automotive and industrial sectors.

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