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Profit before tax declined 14.6% to Rs 56.87 crore in Q2 FY24 as compared with Rs 66.59 crore posted in Q2 FY23.
EBITDA stood at Rs 79.02 crore in Q2 FY24, registering the de-growth of 9.02% as compared with Rs 86.86 crore in Q2 FY23. EBITDA margin was 9.90% in Q2 FY24 as against 11.59% in Q2 FY23.
The company said that the new manufacturing facility at karoli, Rajasthan commenced operations in July 2023 with kick start of mandatory product quality assurance and validation process with its OEMs. As a result, initial operational cost & finance cost incurred during this period has affected the margins. It is expected to normalize with scaling up of volumes starting Q4 FY24.
Kuldip Singh Rathee, chairman and managing director, said, ?We continue to judiciously expand production capacities to address the foreseeable demand of our customers. In this direction, we have already invested approximately Rs 315 crore through ASK Automobiles (a wholly owned subsidiary of Ask Automotive) at new manufacturing facility at Karoli, Rajasthan. The plant has commenced operations from July 2023 and is undergoing initial phase of product quality assurance and validation process with OEMs which is expected to get concluded by early January 2024.
With conscious efforts towards renewable energy, we have made the decision to invest approximately Rs 50 crore in setting up 10.56 MWp solar power plant at Sirsa, Haryana for our captive consumption, making use of the recent policy announcement of the Haryana Government. This captive solar power plant is expected to be commissioned by end of July 2024.?
Shares of Ask Automotive debuted on the bourses on 15 November 2023. The scrip was listed at Rs 304.90, exhibiting a premium of 8.12% to the issue price of Rs 282.
Ask Automotive is the largest manufacturer of brake shoes and advanced braking systems for two wheelers in India. The company has diversified its operations and offers products inder advanced braking systems, aluminium light weighting precision solutions and safety constorl cables business segments.
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