Mumbai (Maharashtra) [India], November 2: Responsive Industries Limited is pleased to announce its financial performance for the quarter ending September 30, 2023. The company’s unwavering commitment to excellence and innovation has led to remarkable growth, as reflected in its recently released financial statements.
Key Highlights:
Revenue Growth: Responsive Industries has achieved an impressive 9.48% YOY increase in revenue compared to the previous fiscal year. This growth can be attributed to key factors such as market expansion, product diversification, and increased customer base.
Profitability: The company’s operating net profit margin expanded significantly, reaching INR 40.67 Cr (15.16%) for the quarter, demonstrating smooth operations, correct product mix and sustainable margins. Net profit for Q2 has increased by 35.5% on QoQ basis and 802.32% on YOY basis, when compared to Revenue growth of 3.1% on QOQ basis and 9.4% on YOY basis.
EBIDTA: Responsive Industries has successfully continued to deliver on the bottom line with EBIDTA standing at INR 66.59 Cr (24.82% EBITDA Margins) for the quarter. EBITDA for Q2 has increased by 30.6% on QoQ basis and 245.6% on YOY basis.
Investment in Innovation: The Company has an unwavering commitment to innovation and cutting-edge technology to continue to deliver consistent growth for the next quarters.
Market Expansion: Responsive Industries successfully expanded its market presence to new regions, capitalizing on emerging opportunities and strengthening its global reach.
Commenting on the business performance, Mr. Rishabh Agarwal, Chairman, Responsive Industries Limited said, “We are exceptionally proud of Responsive Industries’ performance in Q2-FY24. These financial results are a testament to the dedication and hard work of our team. As we move forward, we remain committed to our core values of innovation, sustainability, and exceptional service to our customers. We are confident that Responsive Industries is well-positioned for continued success and growth in the future.”
The improved EBITDA margin and Net margin have become possible due to our improved operational efficiency, added Mr. Agarwal.
About Responsive Industries Limited
Responsive Industries is a well-established company with over 3 decades of experience in manufacturing, marketing, and distributing a wide range of products, including luxury vinyl planks, resilient vinyl sheet, synthetic leather, synthetic ropes, and waterproof membrane. They operate within five product verticals, each catering to different industries. Notably, their subsidiary, Axiom Cordages, handles synthetic ropes, and Responsive Industries boasts a significant presence in the vinyl flooring market, with a 10,000 metric tons per month operating capacity. They are the largest vinyl flooring player in India and have a US subsidiary for distribution and customer service. The company’s leadership is in the hands of a second-generation entrepreneur with 15 years of experience in the vinyl flooring business, holding a degree in Mechanical Engineering and Business Administration. Their products, such as Luxury Vinyl Plank and synthetic leather, find applications in various industries, including residential and commercial spaces, healthcare, transportation, and more. This diverse product portfolio and industry presence make Responsive Industries a significant player in its field, with a strong focus on quality and innovation.
Disclaimer:
This press release may contain forward-looking statements, and some expressions may sound superlative, every person reading the statements and press release is expected to correlate the same with numbers and find out for themselves. Actual results may vary based on various factors and market conditions.
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