Gravita India Q1 net profit grows 18% to Rs 52.55 crore

In May, Gravita India raised a 34 million euros loan facility from two European developmental financial institutions for its capex and working capital needs besides sustainability initiatives.

Gravita India posted Rs 44.65 crore net profit in the corresponding period of 2022-23, the company said in a regulatory filing, image- company website

Recycling company Gravita India has posted around 18 per cent jump in consolidated net profit at Rs 52.55 crore in the April-June quarter of 2023-24 on account of higher income.

It had posted Rs 44.65 crore net profit in the corresponding period of 2022-23, the company said in a regulatory filing.

Total income also increased to Rs 726.76 crore from Rs 630.01 crore in the year-ago quarter.

Expenses soared to Rs 665.58 crore in the first quarter of FY24 as against Rs 580.04 crore a year ago.

In May, Gravita India raised a 34 million euros loan facility from two European developmental financial institutions for its capex and working capital needs besides sustainability initiatives.

Jaipur-based Gravita is a leading recycling company with 11 manufacturing facilities across the globe having total capacity of 2.51 lakh MTPA (metric tonne per annum).

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