Swan Energy Limited has reported a remarkable financial performance for the fourth quarter of FY24, reflecting robust growth across its business verticals. In a meeting held today, the company’s Board of Directors approved the audited consolidated financial results for the quarter ending March 31, 2024.
Consolidated Financial Highlights for Q4 FY24:
Swan Energy Limited reported a staggering 251.99% year-on-year (YoY) increase in consolidated revenue for FY24, while total comprehensive income soared by an impressive 1001.48%. The company’s earnings per share (EPS) reached Rs 20.57, a significant improvement from a negative Rs 2.52 in FY23. Additionally, the Board of Directors has recommended a final dividend of ₹0.10 per share with a face value of ₹1 each, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
Strategic Highlights:
Chetan Selarka, CFO of Swan Energy Limited, commented on the company’s performance: “FY24 has been a year of developing a robust foundation for growth across all our business verticals. Following a successful fund-raising through QIP, we have made substantial progress in debt reduction across the company, including our subsidiaries.”
Mr. Selarka also highlighted key strategic moves, such as taking management control of RNEL from the National Company Law Tribunal (NCLT) and initiating the revamping of RNEL’s shipyard infrastructure to make it operational. “These measures, aimed at fortifying our organizational strength, align with our mission to enhance our shipyard manufacturing capacity and position India among the top five countries in heavy fabrication, shipbuilding, and ship repairing across the commercial and naval sectors,” he added.
Business Segment Updates:
The integration of Veritas (India) into Swan Energy’s results is now complete, positively contributing to the company’s overall performance. In the real estate sector, the segment is gaining momentum with the recent acquisition of an occupation certificate for a premium residential project in Bengaluru. Additionally, the company is making aggressive strides toward the completion of its LNG terminal project, which is expected to significantly bolster its operational capabilities.
Diverse Portfolio:
Swan Energy Limited operates across multiple sectors, including textiles, real estate, oil and gas, and petrochemicals. The recent acquisition of RNEL (shipyard) has expanded the company’s footprint into shipbuilding, ship repairing, and heavy fabrication segments, marking a significant diversification of its business portfolio.
Outlook:
With the substantial financial growth and strategic initiatives undertaken in FY24, Swan Energy Limited is well-positioned for continued success. The company’s aggressive expansion and diversification efforts, coupled with robust financial health, signal a promising future.
