Total Income in Q3 FY24 stood at Rs 12,467 lacs, a slight degrowth
FinTech BizNews Service
Mumbai, February 10, 2024: Linc Limited (Formerly Linc Pen & Plastics Limited), one of the most trusted names in the writing instruments & stationery business, announced its Q3 FY24 results today. The Board of Directors of Linc Limited at its meeting held on 8th February 2024 took on record the Unaudited Financial Results for the Third quarter of Financial Year 2023-24. Linc has a robust domestic and international presence spreading more than 40 countries and the brand is respected for producing world-class and innovative products.
Financial Summary | Q3 FY24* | Q3 FY23 | YoY% | Q2 FY24 | QoQ% | 9M FY24* | 9M FY23 | YoY% | FY23 |
Total Income | 12,467 | 12,495 | (0.2%) | 13,315 | (6.4%) | 37,104 | 35,203 | 5.4% | 49,024 |
Gross Profit | 3,903 | 4,126 | (5.4%) | 3,811 | 2.4% | 11,330 | 10,488 | 8.0% | 15,197 |
Gross Profit Margin | 31.5% | 33.1% | (164 bps) | 29.0% | 244 bps | 30.9% | 30.0% | 86 bps | 31.2% |
EBITDA | 1,464 | 1,859 | (21.3%) | 1,452 | 0.8% | 4,365 | 4,431 | (1.5%) | 6,484 |
EBITDA Margin | 11.7% | 14.9% | (314 bps) | 10.9% | 84 bps | 11.8% | 12.6% | (82 bps) | 13.2% |
PAT | 756 | 1,113 | (32.1%) | 771 | (1.9%) | 2,265 | 2,507 | (9.6%) | 3,740 |
PAT Margin | 6.1% | 8.9% | (284 bps) | 5.8% | 28 bps | 6.1% | 7.1% | (102 bps) | 7.6% |
EPS (In Rs) | 5.09 | 7.48 | (32.1%) | 5.18 | (1.9%) | 15.23 | 16.86 | (9.6%) | 25.15 |
Commenting on the results, Mr. Deepak Jalan, Managing Director, Linc Limited said: “Total Income in Q3 FY24 stood at Rs 12,467 lacs, a slight degrowth of 0.2% against the corresponding quarter previous year. Pentonic revenue, however, grew 4.7% YoY and 4.8% sequentially. Export / Overseas revenue recovered sharply, registering a growth of 32.8% QoQ, buoyed by penetration in the North American market and contribution from our Kenyan subsidiary. While this is a significant recovery, our exports were down 12.4% YoY. Our efforts towards actively exploring new export markets and optimizing our presence in the existing ones continue, and we believe we will be able to attain a near full recovery of our export volumes by the end of this financial year.
Although our gross profit margin fell to 31.5% from 33.1% in the same quarter of the previous year, we view this as temporary, as we experienced a dip in our higher margin export revenue. However, the gross profit margin improved sequentially by 2.4%, largely due to increase in the share of Pentonic revenue, as well as recovery in exports. EBITDA margin also improved sequentially from 10.9% to 11.7%. As we move forward, we do so with unwavering confidence in our capabilities, focus on innovation, strategic market expansion, and growing market share of Pentonic range of products. We are confident that these efforts will not only help us overcome current challenges but also pave way for sustainable growth in the future.”
Key Highlights in Q3 FY24
· Total Income:
· Total income of Rs12,467 Lacs for Q3 FY24, registering a fall of 0.2% YoY and 6.4% QoQ. However, Pentonic revenue witnessed a growth of 4.7% YoY and 4.8% QoQ
· Gross Profit:
· Gross Profit of Rs3,903 Lacs, down 5.4% YoY and up 2.4% QoQ. Gross Margin increased to 31.5% as against 29.0% in Q2 FY24
· EBITDA:
· 1,464 Lacs in Q3 FY24, down 21.3% YoY and up 0.8% QoQ. EBITDA Margin improved to 11.7% as against 10.9% in Q2 FY24
· PAT:
· Rs756 Lacs against Q3 FY23 PAT of Rs1,113 Lacs, down 32.1% YoY and 1.9% QoQ. PAT Margin was at 6.1%
· EPS stood at Rs5.09 as against Rs7.48 in Q3 FY23 and Rs5.18 in Q2 FY24
· Net Debt:
· Net Debt stood at (Rs2,132) lacs as against (Rs760) lacs in FY23
· Net Debt / EBITDA stood at (0.37) in December 2023
