PNN
Ahmedabad (Gujarat) [India], July 5: VMS Industries Ltd (BSE - 533427), based in Gujarat, has reported excellent performance operational and financial for the 12 months ended March 2024. The company achieved its highest-ever annual revenue of Rs 266.37 crore for FY24 with a year-on-year growth of 89.7 percent compared to revenue of Rs 140.39 crore in the corresponding period of FY23.
The company announced the first interim dividend of Rs 0.50 per share.Highlights:
* The company has also received new orders worth approx. 168 crores.
*The company anticipates strong revenue performance in major segments driven by expected growth in ship recycling business and asset decommissioning business.* The company successfully completed rights issue of Rs 28 crore in the month of May 2024.
Net profit for the full FY24 rose to Rs 6.32 crore, representing a growth of 152.9 per cent compared to PAT of Rs 2.50 crore in FY23. FY24 was reported at Rs 10.54 crore, a year-on-year growth of 110 per cent compared to EBITDA of Rs 5.02 crore in FY23. In FY24, the company continued its trajectory solid growth, reporting significant improvements in key financial metrics. The company has also received new orders worth approx. 168 crores.
The board of directors, in the meeting held on July 3, 2024, announced the first interim dividend for FY24-25 of Rs 0.50 per share on a face value of Rs 10. This move underlines the company's commitment to rewarding its investors and signifies the substantial growth and success achieved over the years. Sharing more details, Manojkumar Jain, Managing Director, VMS Industries Limited, said, "We are immensely proud of VMS Industries Limited's exceptional performance in 12M Fy'24, marked by strong revenue growth and profitability Our strategic initiatives have delivered significant results, as evidenced by substantial increase in revenue and profitability metrics, efficient capital management. Workforce and focus on the asset decommissioning business further underline our operational excellence and resilience. Looking ahead, we anticipate strong revenue performance in key segments driven by expected growth in the ship recycling business. Asset dismantling business."
Future Outlook and Plans: VMS Industries Limited remains committed to its growth trajectory, focusing on strategic initiatives and future opportunities.
Future Opportunities: In the last 10 years, more than 7,000 vessels have been recycled worldwide, of which more than 35 percent were recycled in India and in the next 10 years this figure is expected to double. Additionally, India's participation in ship recycling is also expected to increase. India has more possibilities and not much competition. Based on which we anticipate strong growth in ship scrapping and asset decommissioning and demolition in India. VMS Industries Limited remains optimistic about its future prospects, poised for sustained growth and value creation for stakeholders. Incorporated in December 1991, VMS Industries Ltd recycles ships, exports ship-related products and purchases and dismantles ships. The company also markets ferrous and non-ferrous metals. VMSI is headquartered in Ahmedabad, India. The company is certified to ISO 9001:2008, ISO14001:2004, ISO 30000-2009 and OHSAS18001:2007 for its ship and offshore recycling business.
In the month of May 2024, the company launched a rights issue of Rs 28 crore to fund its expansion plans, meet working capital requirements and general corporate purposes. The correct issue was fully subscribed at 1.25 times the offer.
The business segments of the company include: i) Ship Recycling: The company breaks down old ships into their parts and recycles them. The company has an industrial plot in Alang, Bhavnagar, which uses technology that reduces environmental hazards. ii) Trading in various metals: The company's trading in various metals encompasses a dynamic market where recyclable metal materials are bought, sold and reused around the world. iii) Asset Dismantling/Demolition: Asset dismantling or demolition is a complex process that deconstructs industrial facilities such as manufacturing plants and warehouses. Requires specialized experience, equipment and compliance with safety protocols and environmental regulations.VMS INDUSTRIES LIMITED https://www.vmsil.in/
VMS Industries was established on December 2, 1991 with the objective of developing the business of providing different types of consulting and information technology services. During 1992-1994, the company was engaged in computerization of land revenue records of Bhavnagar Municipal Corporation.
The ship dismantling industry was reactivated in 2003-04 and that is why we decided to diversify our activities. During the year 2004, the Gujarat Maritime Board auctioned vacant land and through open bidding, we were allotted vacant lot number 160 at Alang-Sosiya Shipbreaking Yard, measuring 1,350 square meters. In the year 2022, The size of the plot increased from 2700 m2. meters to 5400 square feet. mtr. The ship breaking facility received certifications from NK Class (Japan) and ISO certifications (9001, 14001 and 45001) from Bureau Veritas.
Now, leveraging its established contacts in the metal industry, the Company aims to diversify into asset dismantling/demolition. The Company has begun its participation in various Tenders to acquire factories for dismantling.
In line with the same, the Company participated in a tender and ensured dismantling, cutting and sale of incomplete ships and ship blocks lying at ABG shipyard, Dahej Shipyard, weighing approximately 48000 MT and worth Rs 163.20 Crores plus GST from Welspun Corp Limited.Currently, VMS Industries is primarily engaged in the business activities of Ship Recycling, Miscellaneous Metal Trading and Asset Dismantling/Demolition.
Ahmedabad (Gujarat) [India], July 5: VMS Industries Ltd (BSE - 533427), based in Gujarat, has reported excellent performance operational and financial for the 12 months ended March 2024. The company achieved its highest-ever annual revenue of Rs 266.37 crore for FY24 with a year-on-year growth of 89.7 percent compared to revenue of Rs 140.39 crore in the corresponding period of FY23.
The company announced the first interim dividend of Rs 0.50 per share.Highlights:
* The company has also received new orders worth approx. 168 crores.
*The company anticipates strong revenue performance in major segments driven by expected growth in ship recycling business and asset decommissioning business.* The company successfully completed rights issue of Rs 28 crore in the month of May 2024.
Net profit for the full FY24 rose to Rs 6.32 crore, representing a growth of 152.9 per cent compared to PAT of Rs 2.50 crore in FY23. FY24 was reported at Rs 10.54 crore, a year-on-year growth of 110 per cent compared to EBITDA of Rs 5.02 crore in FY23. In FY24, the company continued its trajectory solid growth, reporting significant improvements in key financial metrics. The company has also received new orders worth approx. 168 crores.
The board of directors, in the meeting held on July 3, 2024, announced the first interim dividend for FY24-25 of Rs 0.50 per share on a face value of Rs 10. This move underlines the company's commitment to rewarding its investors and signifies the substantial growth and success achieved over the years. Sharing more details, Manojkumar Jain, Managing Director, VMS Industries Limited, said, "We are immensely proud of VMS Industries Limited's exceptional performance in 12M Fy'24, marked by strong revenue growth and profitability Our strategic initiatives have delivered significant results, as evidenced by substantial increase in revenue and profitability metrics, efficient capital management. Workforce and focus on the asset decommissioning business further underline our operational excellence and resilience. Looking ahead, we anticipate strong revenue performance in key segments driven by expected growth in the ship recycling business. Asset dismantling business."
Future Outlook and Plans: VMS Industries Limited remains committed to its growth trajectory, focusing on strategic initiatives and future opportunities.
Future Opportunities: In the last 10 years, more than 7,000 vessels have been recycled worldwide, of which more than 35 percent were recycled in India and in the next 10 years this figure is expected to double. Additionally, India's participation in ship recycling is also expected to increase. India has more possibilities and not much competition. Based on which we anticipate strong growth in ship scrapping and asset decommissioning and demolition in India. VMS Industries Limited remains optimistic about its future prospects, poised for sustained growth and value creation for stakeholders. Incorporated in December 1991, VMS Industries Ltd recycles ships, exports ship-related products and purchases and dismantles ships. The company also markets ferrous and non-ferrous metals. VMSI is headquartered in Ahmedabad, India. The company is certified to ISO 9001:2008, ISO14001:2004, ISO 30000-2009 and OHSAS18001:2007 for its ship and offshore recycling business.
In the month of May 2024, the company launched a rights issue of Rs 28 crore to fund its expansion plans, meet working capital requirements and general corporate purposes. The correct issue was fully subscribed at 1.25 times the offer.
The business segments of the company include: i) Ship Recycling: The company breaks down old ships into their parts and recycles them. The company has an industrial plot in Alang, Bhavnagar, which uses technology that reduces environmental hazards. ii) Trading in various metals: The company's trading in various metals encompasses a dynamic market where recyclable metal materials are bought, sold and reused around the world. iii) Asset Dismantling/Demolition: Asset dismantling or demolition is a complex process that deconstructs industrial facilities such as manufacturing plants and warehouses. Requires specialized experience, equipment and compliance with safety protocols and environmental regulations.VMS INDUSTRIES LIMITED https://www.vmsil.in/
VMS Industries was established on December 2, 1991 with the objective of developing the business of providing different types of consulting and information technology services. During 1992-1994, the company was engaged in computerization of land revenue records of Bhavnagar Municipal Corporation.
The ship dismantling industry was reactivated in 2003-04 and that is why we decided to diversify our activities. During the year 2004, the Gujarat Maritime Board auctioned vacant land and through open bidding, we were allotted vacant lot number 160 at Alang-Sosiya Shipbreaking Yard, measuring 1,350 square meters. In the year 2022, The size of the plot increased from 2700 m2. meters to 5400 square feet. mtr. The ship breaking facility received certifications from NK Class (Japan) and ISO certifications (9001, 14001 and 45001) from Bureau Veritas.
Now, leveraging its established contacts in the metal industry, the Company aims to diversify into asset dismantling/demolition. The Company has begun its participation in various Tenders to acquire factories for dismantling.
In line with the same, the Company participated in a tender and ensured dismantling, cutting and sale of incomplete ships and ship blocks lying at ABG shipyard, Dahej Shipyard, weighing approximately 48000 MT and worth Rs 163.20 Crores plus GST from Welspun Corp Limited.Currently, VMS Industries is primarily engaged in the business activities of Ship Recycling, Miscellaneous Metal Trading and Asset Dismantling/Demolition.
