Pearl Global Industries (PGIL) Q4 23/24 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹3,436.15 Crores in FY 2023-24, up 8% year-over-year, with EBITDA at ₹307.8 Crores, reflecting a 22% increase and an EBITDA margin of 8.96%.

• Overseas revenue grew 21% year-over-year, driven by strong performance in Bangladesh and Vietnam.

• Net profit after tax stood at ₹169.12 Crores, with a PAT margin of 4.9%.

• The company expanded capacity in Indonesia and Guatemala, and continued its asset-light model with 24 manufacturing units across 10 countries.

• Dividend payouts included a special interim dividend, maintaining a policy of distributing at least 20% of net profits.

Financial highlights

• Revenue from operations: ₹3,436.15 Crores (FY24) vs ₹3,158.4 Crores (FY23), 8% growth.

• EBITDA: ₹307.8 Crores (FY24) vs ₹255.5 Crores (FY23), 22% growth.

• PAT: ₹169.12 Crores (FY24) vs ₹153 Crores (FY23), 10.5% growth.

• EPS: ₹40.26 (FY24) vs ₹34.45 (FY23).

• Working capital days reduced to 30 from 60, improving cash conversion and lowering debt.

• Net debt-equity ratio improved to 0.10 from 0.21.

Outlook and guidance

• Targeting 12–14% CAGR revenue growth over the next 3–4 years, with a focus on volume expansion and double-digit EBITDA margins.

• Planned capex of ₹450–550 Crores for capacity expansion through FY28, funded by internal accruals, debt, and growth capital.

• Continued focus on asset-light expansion, automation, and digitalisation.