Eco Recycling Ltd. Reports Stellar Q1FY24 Performance

22nd July 2023,Mumbai: Key Financials Showcase Robust GrowthEco Recycling Limited (BSE: 530643, NSE: ECORECO), India’s pioneering E-waste Management Company, reported impressive unaudited financial results for Q1FY24. With a total income of ₹7.93 crore, the company achieved a remarkable YoY growth of 60.53%.

EBITDA Soars to New Heights

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached ₹5.80 crore, reflecting a substantial YoY growth of 90.16%. This significant increase demonstrates the efficacy of their business strategies and operational efficiency.

Rapid EBITDA Margin Expansion

Eco Recycling Limited’s EBITDA Margin rose to an impressive 73.07%, witnessing a YoY growth of 1133 basis points (bps). This substantial expansion indicates their ability to control costs effectively while scaling up operations.

Profit After Tax Shows Strong Performance

The company reported a Profit After Tax (PAT) of ₹4.71 crore, marking a YoY growth of 70.65%. This surge in net profit highlights their steady financial performance and adept management.

Enhanced Profit Margin

Eco Recycling Limited’s PAT Margin rose significantly to 59.39%, showcasing a YoY growth of 352 bps. This notable improvement is a result of their focus on optimizing processes and driving sustainable growth.

Earnings per Share (EPS) Surge

The company’s EPS reached ₹2.44, exhibiting a commendable YoY growth of 70.63%. This indicates enhanced profitability per outstanding share, benefitting shareholders.

Positive Outlook and Sustainable Growth

Mr. B K Soni, the Managing Director of Eco Recycling Limited, expressed his satisfaction with the performance. He emphasized the positive start to FY24, with total income rising by 61% and net profit by 71%. The company’s dedication to recycling aligns with the global push towards a sustainable economy.

Eco Recycling Limited: Leaders in E-waste Management

Eco Recycling Limited holds the distinction of being India’s foremost E-waste Management Company. Its comprehensive services encompass asset removal, inventory management, packing, reverse logistics, data destruction, asset recovery, and recycling. The company adheres to international standards, leveraging cutting-edge technologies from the US, Europe, and Japan, alongside in-house solutions for precious metal recovery, data destruction, and lamp recycling.

Diverse Clientele: A Multifaceted Approach

With a diverse clientele, Eco Recycling Limited serves a wide range of organizations, including MNCs, retailers, government departments, NGOs, households, and educational institutions. The company’s multifaceted approach ensures sustainable waste management solutions tailored to each client’s specific needs.

Eco Recycling Limited’s Q1FY24 financial results demonstrate commendable growth and financial strength. With a focus on sustainability, the company stands at the forefront of E-waste management in India, contributing to a greener and more environmentally responsible future.