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

New Delhi: 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).