![ASK Automotive Reports Strong Financial Performance For FY 2023-24 mobility outlook ASK Automotive Reports Strong Financial Performance For FY 2023-24 mobility outlook](https://imgd.aeplcdn.com/1280x720//n/cw/ec/177263/infographics0.jpeg?isig=1&q=75)
ASK Automotive Limited announced strong financial results for the fourth quarter and full year ending 31st March 2024. For the fourth quarter of FY24, ASK Automotive recorded consolidated total income of INR 78,586 lakh, a 38% increase year-on-year (YoY). For the full fiscal year, the total consolidated income reached INR 300,495 lakh, representing a 17% YoY growth. The company's EBITDA for Q4 FY24 stood at INR 8,567 lakh, showing a 71% YoY growth, while the full year's EBITDA was INR 31,102 lakh, up by 26% YoY. ASK Automotive achieved a double-digit EBITDA margin of 10.9% in Q4 FY24 and improved its full-year margin to 10.4% from 9.6% in the previous year.
The net profit (PAT) for Q4 FY24 was INR 4,776 lakh, marking a 112% YoY increase, with the full-year PAT reaching INR 17,377 lakh, a 41% YoY growth. This impressive growth includes a one-time deferred tax gain of INR 351 lakh recognised in the wholly-owned subsidiary ASK Automobiles Private Limited in Q4 FY24. The company’s earnings per share (EPS) also increased to INR 8.8 in FY24, up by 43% from the previous year. Additionally, ASK Automotive's share in the profit of ASK Fras le JV improved from a loss of INR 589 lakh in FY23 to a profit of INR 1,650 lakh in FY24, including a one-time deferred tax gain of INR 683 lakh.
The Board of Directors has recommended a final dividend of 50%, equivalent to INR 1 per equity share of face value INR 2 each.
The Advanced Braking System business grew by 23% YoY in Q4 FY24 and 7% in FY24. The Aluminium Light Weighting Precision Solutions segment saw revenue growth of 73% in Q4 FY24 and 29% in FY24. The Safety Control Cable segment recorded revenue growth of 32% in Q4 FY24 and 36% in FY24. The company also strengthened its position in the electric vehicle (EV) segment, with revenue of INR 3,315 lakh in Q4 FY24, growing 91% YoY, and INR 12,044 lakh for the full year, up by 133% YoY. Furthermore, the export business saw significant growth, delivering revenue of INR 14,664 lakh in FY24, a 58% YoY increase.
Commenting on the results, Kuldip Singh Rathee, Chairman and Managing Director, stated 'Our robust performance across all business segments and the significant revenue growth with double-digit EBITDA margins reflect our continued focus on expanding value-added businesses and cost efficiencies. We have achieved remarkable success in both domestic and export markets, driven by strong demand and favourable economic conditions.'
Rathee highlighted ASK Automotive's strategic initiatives, including a partnership with LIOHO Machine Work Ltd, Taiwan, for high-pressure die-casted two-wheeler alloy wheels, and a joint venture with AISIN Group for marketing auto components in the independent aftermarket for passenger cars. The company invested approximately INR 38,000 lakh in a new manufacturing facility in Karoli, Rajasthan, which is expected to generate cash profits from Q1 FY25. Another INR 20,000 lakh will be invested in setting up a new facility in Bengaluru, Karnataka, operational by Q4 FY25. Additionally, ASK Automotive is establishing a 9.9MWp solar power plant in Sirsa, Haryana, with an investment of INR 4,800 lakh, to be commissioned by June 2024.
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