VMS Industries Limited, a leading player in ship recycling and asset decommissioning, announced the declaration of a first interim dividend of Rs. 0.50 per share, which is 5% of the face value of Rs. 10 per share for the financial year 2024-25. This announcement was made during a meeting of the Board of Directors held on Wednesday, July 3, 2024. The dividend will be paid on or before Friday, August 2, 2024 to shareholders of record as of Thursday, July 11, 2024. Shareholders are encourages you to update your records with the company's Registrar and Transfer Agent to ensure timely receipt of dividends. This move highlights the company's commitment to rewarding its investors and signifies the substantial growth and success it has achieved over the years. The decision to pay an interim dividend reflects VMS Industries Limited's confidence in its prospects and its commitment to enhancing shareholder value.
In FY 2023-24, VMS Industries Limited achieved its highest annual revenue of Rs. 26,637.28 lakhs, which is a significant growth of 89.74% compared to the previous year. The company's full-year profit after tax (PAT) increased to Rs. 631.53 lakhs, growing by an impressive 152.86%. This notable financial performance is a testament to the company's strategic initiatives and strong operational management. VMS Industries also received new orders worth approximately Rs. 16.8 lakhs by June 2023, further strengthening its growth trajectory.
The company's financial highlights for the 12-month period of FY24 show significant improvements in key metrics. Revenue increased to Rs. 26,637.28 lakhs, which is an increase of 89.74% over the previous year's Rs. 14,038.87 lakhs. EBITDA for the full year reached Rs. 1,054.20 lakhs, reflecting a growth of 110.14%. Profit before tax (PBT) stood at Rs. 844.64 lakhs, a growth of 183.11%, while profit after tax (PAT) increased to Rs. 631.53 lakhs, representing a growth of 152.86%.Under the leadership of CEO Manojkumar Jain, VMS Industries has consistently demonstrated operational excellence and resilience. Jain attributes the company's exceptional performance to efficient working capital management and a strategic focus on the asset decommissioning business. He commented: “We are immensely proud of VMS Industries Limited's exceptional performance in FY24, marked by strong revenue growth and profitability. Our strategic initiatives have delivered significant results, as evidenced by substantial increases in revenue and profitability metrics. Efficient working capital management and focus on asset decommissioning business further underline our operational excellence and resilience.”
VMS Industries offers a range of services including ship recycling, various metals trading and asset dismantling and demolition. The company has a ship breaking facility at Alang-Sosiya Ship Breaking Yard, which has received NK Class (Japan) and ISO (9001, 14001 and 45001) certifications from Bureau Veritas. Leveraging its established contacts in the metal industry, the company aims to further diversify into asset dismantling and demolition. Recently, VMS Industries won a major contract for dismantling and cutting incomplete ships and ship blocks at ABG shipyard, Dahej, weighing approximately 48,000 MT and valued at Rs. 163.20 crore plus GST from Welspun Corp Limited.
Looking ahead, VMS Industries remains committed to its growth trajectory, focusing on strategic initiatives and future opportunities. The global ship recycling industry is expected to experience substantial growth, with more than 7,000 ships recycled worldwide in the last decade and projections indicate this figure could double in the next ten years. India's share in ship recycling is also expected to increase, providing VMS Industries with strong growth opportunities in ship breaking and asset dismantling and demolition. The company remains optimistic about its future prospects, poised for sustained growth and value creation for its stakeholders. Mr. Jain emphasized the company's prospects and stated, “Looking ahead, we anticipate strong performance from revenues in major segments driven by expected growth in the ship recycling business and asset decommissioning business. “Our strategic initiatives and efficient operations have positioned us well to capitalize on future opportunities in the ship recycling and asset decommissioning sectors.”
Incorporated on December 2, 1991, VMS Industries initially provided information technology and consulting services. However, with the revival of the ship breaking industry in 2003-04, the company diversified its activities. Today, VMS Industries is a leading name in ship recycling and asset decommissioning, with a strong track record of growth and operational excellence.
The declaration of the first interim dividend and the company's impressive financial performance underline VMS Industries' commitment to enhancing shareholder value and its confidence in future growth prospects. As the company continues to execute its strategic initiatives, it remains focused on achieving sustained growth and creating value for its investors and stakeholders. For more information visit: https://www.vmsil.in/
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
In FY 2023-24, VMS Industries Limited achieved its highest annual revenue of Rs. 26,637.28 lakhs, which is a significant growth of 89.74% compared to the previous year. The company's full-year profit after tax (PAT) increased to Rs. 631.53 lakhs, growing by an impressive 152.86%. This notable financial performance is a testament to the company's strategic initiatives and strong operational management. VMS Industries also received new orders worth approximately Rs. 16.8 lakhs by June 2023, further strengthening its growth trajectory.
The company's financial highlights for the 12-month period of FY24 show significant improvements in key metrics. Revenue increased to Rs. 26,637.28 lakhs, which is an increase of 89.74% over the previous year's Rs. 14,038.87 lakhs. EBITDA for the full year reached Rs. 1,054.20 lakhs, reflecting a growth of 110.14%. Profit before tax (PBT) stood at Rs. 844.64 lakhs, a growth of 183.11%, while profit after tax (PAT) increased to Rs. 631.53 lakhs, representing a growth of 152.86%.Under the leadership of CEO Manojkumar Jain, VMS Industries has consistently demonstrated operational excellence and resilience. Jain attributes the company's exceptional performance to efficient working capital management and a strategic focus on the asset decommissioning business. He commented: “We are immensely proud of VMS Industries Limited's exceptional performance in FY24, marked by strong revenue growth and profitability. Our strategic initiatives have delivered significant results, as evidenced by substantial increases in revenue and profitability metrics. Efficient working capital management and focus on asset decommissioning business further underline our operational excellence and resilience.”
VMS Industries offers a range of services including ship recycling, various metals trading and asset dismantling and demolition. The company has a ship breaking facility at Alang-Sosiya Ship Breaking Yard, which has received NK Class (Japan) and ISO (9001, 14001 and 45001) certifications from Bureau Veritas. Leveraging its established contacts in the metal industry, the company aims to further diversify into asset dismantling and demolition. Recently, VMS Industries won a major contract for dismantling and cutting incomplete ships and ship blocks at ABG shipyard, Dahej, weighing approximately 48,000 MT and valued at Rs. 163.20 crore plus GST from Welspun Corp Limited.
Looking ahead, VMS Industries remains committed to its growth trajectory, focusing on strategic initiatives and future opportunities. The global ship recycling industry is expected to experience substantial growth, with more than 7,000 ships recycled worldwide in the last decade and projections indicate this figure could double in the next ten years. India's share in ship recycling is also expected to increase, providing VMS Industries with strong growth opportunities in ship breaking and asset dismantling and demolition. The company remains optimistic about its future prospects, poised for sustained growth and value creation for its stakeholders. Mr. Jain emphasized the company's prospects and stated, “Looking ahead, we anticipate strong performance from revenues in major segments driven by expected growth in the ship recycling business and asset decommissioning business. “Our strategic initiatives and efficient operations have positioned us well to capitalize on future opportunities in the ship recycling and asset decommissioning sectors.”
Incorporated on December 2, 1991, VMS Industries initially provided information technology and consulting services. However, with the revival of the ship breaking industry in 2003-04, the company diversified its activities. Today, VMS Industries is a leading name in ship recycling and asset decommissioning, with a strong track record of growth and operational excellence.
The declaration of the first interim dividend and the company's impressive financial performance underline VMS Industries' commitment to enhancing shareholder value and its confidence in future growth prospects. As the company continues to execute its strategic initiatives, it remains focused on achieving sustained growth and creating value for its investors and stakeholders. For more information visit: https://www.vmsil.in/
(Disclaimer: The above press release is provided by HT Syndication and will not assume any editorial responsibility for this content.)
