Maximus International hits new high after registering 32% yoy growth in revenue and net profit in FY22

9 Jun 2022 , 09:52 AM

Consolidating its business and managing margins effectively during covid times has enabled, one of the leading manufacturers of finest lubricants in East Africa and Middle East, Maximus International Limited (MIL) to achieve Total Revenue of Rs70.42 crore on a consolidated basis for the year ended March 31, 2022 (FY 22) as against Rs53.12 crore for the previous year ended March 31, 2021 (FY 21), registering a growth of 32.6%.

It has clocked a Net Profit of Rs4.66 crore on a consolidated basis in FY 22 which is 32% higher than the consolidated Net Profit of Rs3.53 crore for FY 21.

In a regulatory filing, the company said, MIL is happy to note its strategies to effectively manage business, margins, competition etc has stood it in good stead. Every vulnerable situation, be it supply chain disruption, competitiveness in pricing, or lower demand in the market etc have been dealt with by prudent and diligent strategies aided by immaculate execution of these by its teams in India, UAE & Kenya.

“Such uncertainties / challenges faced have been turned into opportunities that led to efficient Macro / Micromanaging of Supply chain, robust and practical Credit Management & deeper customer / distributor engagement. We have a longterm vision of growing our company globally-our African foray is in line with this strategy. As the after-effects of Covid-19 wear off, we are well prepared to grow exponentially over the next few years,” said Mr Deepak Raval, Managing Director, Maximus International Limited.

“The company now plans to consolidate its operations and foray into new markets in both Asia and Africa. The company is confident that it can sustain the continuous growth that it has been maintaining for the last 5 years by expanding its footprint in the African continent.,” said Mr Milind Joshi, Chief Financial Officer (CFO), Maximus International Limited.

With its manufacturing facilities as well as strong market presence in UAE and Kenya, they cater to more than 400 customers spread over 25 countries.

MIL is confident that it can sustain the continuous growth that they have been maintaining for the last S years by expanding its footprint in the African continent, it added.

At around 9:54 AM, Maximus International was trading at Rs136.60 per piece higher by 13.31%, after hitting 52-week high at Rs142.90 per  piece on the BSE.