ASK Automotive Ltd Reports +17% Revenue Growth, +26% EBITDA Growth, and +41% PAT Growth for FY23-24
ASK Automotive Limited, India’s largest brake shoe and Advanced Braking Systems manufacturer for two-wheelers, reported robust financial results for the quarter and financial year ended March 31, 2024. The company recorded a consolidated total income of Rs. 78,586 lacs in Q4 FY24, representing a +38% YoY growth. For FY24, the total consolidated income stood at Rs. 300,495 lacs, a +17% YoY increase. All three product segments performed well, with the Advanced Braking System business showing a +23% YoY growth in Q4 FY24 and a +7% growth in FY24. The Aluminium Light Weighting Precision Solutions and Safety Control Cable also saw revenue growth of +73% in Q4 FY24 and +29% in FY24, respectively. In the EV segment, revenue grew by Rs. 3315 lacs in Q4 FY24, representing a +91% YoY increase. For FY24, the EV segment revenue was Rs. 12,044 lacs, a +133% YoY growth. The export business was significantly expanded, reporting revenue of Rs. 14,664 lacs in FY24, up by 58% YoY. EBITDA for Q4 FY24 stood at Rs. 8,567 lacs, up by +71% YoY, and for FY24, it was Rs. 31,102 lacs, up by +26% YoY. Double-digit EBITDA margins were achieved at 10.9% in Q4 FY24, and the margins improved from 9.6% in last year to 10.4% in FY24.
Key Highlights
- ASK Automotive Limited reported a +17% revenue growth, +26% EBITDA growth, and +41% PAT growth for FY23-24
- Total consolidated income in Q4 FY24 was Rs. 78,586 lacs, a +38% YoY increase
- All three product segments performed well, with the Advanced Braking System business growing by +23% YoY in Q4 FY24
- The Aluminium Light Weighting Precision Solutions and Safety Control Cable both saw significant revenue growth in FY24
- ASK Automotive expanded its export business and reported a +58% revenue increase in FY24
- Double-digit EBITDA margins were achieved in Q4 FY24 at 10.9%
- Improvement in margins during FY24 was driven by better economies of scale, improved product mix, and cost optimization