Indigo Paints Reports Robust Q1FY24 Results, Share Price Up by Over 2%

8 Aug 2023 , 01:14 PM

Indigo Paints Ltd shares rose by over 2% to Rs 1630.95 during early trade on August 8, following strong Q1FY24 results. The company’s consolidated net profit grew by 58.26% YoY to Rs 31.51 crore, while net consolidated total income jumped by 30% to Rs 292.24 crore.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 39.2% YoY to Rs 49.1 crore. EBITDA margins expanded by 128 basis points, reaching 17%, but contracted by 501 basis points QoQ.

Gross margins stood at 47.3%, expanding by 214 basis points YoY and 51 basis points QoQ. This expansion was attributed to cost deflation in raw materials. The company reported that funds raised from the IPO in 2021 have been fully utilized as of Q1FY24.

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