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Paramount Communications FY-24 Financials: Revenue Up 34%, PAT Jumps 79% YoY

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Paramount Communications Limited [NSE: PARACABLES, BOM: 530555], a Delhi-headquartered cable manufacturing company, has announced its financial results for Q4 of FY-24 and FY-24

Paramount Communications’ Standalone Financials for Q4 of FY-24 & FY-24

Paramount Communications reported a standalone revenue of Rs. 311.11 crore from operations and a Profit After Tax (PAT) of Rs. 29.50 crore during Q4 of FY-24. Further, the company’s Earnings Per Share (EPS) during Q4 of FY-24 stood at Rs. 0.99.

During the entire FY-24, Paramount Communications’ revenue from operations was Rs. 1,047.28 crore and PAT was Rs. 85.39 crore. The company’s EPS stood at Rs. 3.28 for the 2023-24 fiscal.

Paramount Communications’ Consolidated Financials for Q4 of FY-24 and FY-24

YoY Comparison of Paramount’s Financials: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Paramount Communications’ Revenue: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Paramount Communications’ Q4 revenue showed a YoY increase of 60.02% to Rs. 323.37 crore in FY-24 from Rs. 202.08 crore during FY-23. Further, consolidated PAT of the company jumped to Rs. 29.49 crore during Q4 of FY-24 which is over twice (2.14 times) the company’s Q4 FY-23 PAT of Rs. 13.80 crore.

Paramount Communications’ PAT: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Considering the full financial year, in FY-24, Paramount logged Rs. 1,070.60 crore as revenue which is 34.42% higher than the company’s Rs. 796.47 crore revenue recorded for FY-23. The company’s PAT grew by 79.25% to Rs. 85.63 crore in FY-24 from Rs. 47.77 crore during FY-23.

Moreover, the company’s EPS was Re. 1 during Q4 of FY-24 and Rs. 3.29 during FY-24.

The company mentioned in its press release dated 24th May 2024 that Paramount Communications earned Rs. 794.48 crore from its domestic operations during FY-24 against Rs. 396.18 crore from domestic operations in FY-23. This reflects a 100.5% YoY growth in revenue from the company’s domestic operations.

Paramount Communications’ Revenue: Q3 FY-24 vs. Q4 FY-24
Paramount Communications’ PAT: Q3 FY-24 vs. Q4 FY-24

QoQ Comparison of Paramount’s Financial Figures: Q4 FY-24. vs Q3 FY-24

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue jumped by 13.76% from Rs. 284.25 crore during Q3 of FY-24. Further, Paramount Communications’ QoQ PAT increased by 33.86% from Rs. 22.03 crore which was earned during the third quarter of financial year 2023-24.

Paramount Communications’ Segment-Wise Revenue Comparison

Paramount Wires Segment Revenue: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Wire and Cables: This segment accounts for a major portion of the company’s revenue, as Paramount Communications primarily is a wires and cables manufacturer. Considering the entire financial year 2023-24, Paramount Communications generated 97.82% of its gross revenue* from its Wire and Cables segment.

*Gross revenue of a company represents the total of segmental revenues before subtracting inter-segmental revenue.

Paramount’s wires and cables vertical earned it a revenue of Rs. 311.11 crore during Q4 of FY-24 as compared to Rs. 202.08 crore during Q4 of FY-23. Therefore, there has been a healthy increase of 53.95% in revenue from this segment of the company. For full financial year 2023-24, the company’s revenue from this segment increased by 31.49% to Rs. 1,047.28 crore from Rs. 796.47 crore during FY-23.

Paramount Pipea Segment Revenue: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Pipes: Paramount started manufacturing High-Density Polyethylene (HDPE) pipes in second quarter of FY-24 after acquiring Valens Technologies in August 2023.

This segment of the company brought in a revenue of Rs. 12.62 crore during Q4 of FY-24 against Rs. 8.91 crore during Q3 of FY-24. This shows an increase of 41.64% on Quarter-over-Quarter (QoQ) basis.

For the entire financial year 2023-24, Pipes business brought in a revenue of Rs. 23.69 crore.

Paramount Communications’ Stock 5% Up After Announcing FY-24 Financials

Paramount Communications’ share price increased by 4.99% after the company announced its financials for FY-24 as compared to the company’s share price on the day of the announcement of results.

However, volume of share trades of the company showed a decreased after announcement of results. On the trading day following the announcement of Paramount’s results, number of share trades fell to 8,24,000. The number of trades on the day of announcement of results was 10,30,000.

Insights of Paramount Communications on its FY-24 Financial Performance

Commenting on the company’s financial performance, Mr. Sanjay Agarwal, Chairman & CEO, said “Strategically positioned, Paramount is poised for strong and sustained growth, with a focus on diversifying our product range and delivering top-notch quality solutions in the wires and cables sector, while continuously innovating new products. We are prepared to leverage the anticipated increase in orders and position ourselves adeptly for potential opportunities”.

Mr. Agarwal added that the company’s order book reached Rs. 495.16 crore at the end of financial year 2023-24.

About the sector-wise revenue mix, Paramount Communications’ investor presentation for FY-24 financials mentioned that 41% of the company’s revenue came from the sale of power cables in 2023-24, and railway cable sales accounted for about 15% of the company’s FY-24 top-line. Apart from this, Paramount’s business operations pertaining to telecom cables, house wires, EPC projects, pipes, etc. collectively contributed about 18% of the company’s FY-24 revenue. Other than this, revenue from exports accounted for about 26% of the company’s FY-24 revenue.

About Paramount Communications Limited: Paramount Communications, also known as Paramount Cables in manufacturing circles, is engaged in wire and cable manufacturing. The company has a wide product range including Railway Cables, High Voltage & Low Voltage Power Cables, Fire Survival Cables, Instrumentation & Data Cables, Specialised Cables, Optical Fiber Cables and Telecom Cables. The company has two manufacturing facilities one of which is situated in Khushkhera, Rajasthan, while the other is in Dharuhera, Haryana.