Merino Industries Limited (MIL) has released its annual financial report for the fiscal year 2022-23, providing valuable insights into its financial performance across key indicators.

Financial Performance Highlights

1. Strong Revenue Growth

MIL achieved substantial revenue growth in FY 2022-23, with a notable increase of 23.06%. Revenues surged to Rs. 2,205 crore, up from Rs. 1,792 crore in FY 2021-22.

2. Increase in Total Expenses

The company's total expenses also saw a significant uptick, rising by 25% to reach Rs. 2,031 crore compared to Rs. 1,618 crore in FY 2021-22.

3. EBITDA Growth

MIL's EBITDA increased by 7.35% in FY 2022-23, reaching Rs. 270 crore, compared to Rs. 251 crore in FY 2021-22.

4. Exports on the Rise

Exports exhibited a growth of 20.07%, with figures climbing to Rs. 640 crore in FY 2022-23 from Rs. 533 crore in FY 2021-22.

5. Net Profit Decline

In FY 2022-23, the company's net profit decreased by 10%, settling at Rs. 117 crore, compared to Rs. 131 crore. This decline was primarily driven by increased raw material prices, repayment of unsecured loans, and higher finance costs.

Balance Sheet Overview

1. Net Asset Growth MIL reported a 25% increase in net assets, which reached Rs. 2,310 crore in FY 2022-23, up from Rs. 1,845 crore in FY 2021-22.

2. Equity and Liabilities The net equity and liabilities of the company also showed a 25% increase, amounting to Rs. 2,310 crore in FY 2022-23, compared to Rs. 1,845 crore in FY 2021-22.

Insights from Cash Flow Statement

1. Operating Activities Cash Flow

MIL generated Rs. 184 crore in net cash from operating activities in FY 2022-23, compared to Rs. 128 crore in FY 2021-22.

2. Investing Activities Cash Flow

The company's net cash used in investing activities amounted to Rs. (458) crore in FY 2022-23, a significant change from Rs. (219) crore in FY 2021-22.

3. Financial Activities Cash Flow

MIL experienced a boost in net cash generated from financial activities, amounting to Rs. 246 crore in FY 2022-23, compared to Rs. 103 crore in FY 2021-22. Merino is a leading integrated manufacturer and marketer of interior solutions. With the commitment to innovation and investment in enhancing and diversifying its product portfolio, the Company offers a diverse bouquet of multiple surfaces with infinite design possibilities that showcase the world-class manufacturing prowess. Headquartered in Kolkata, the Company has a strong presence in all major states in India and exports its products to 81 countries worldwide. The Company is managed by a dynamic leadership team and a group of professionals with diverse competencies and backgrounds.

Diverse Solutions

The portfolio of surface solutions is designed for homes, offices, commercial and public areas. The Company has consistently focused on making the products more affordable, improving their value, and maintaining transparency. As a pioneer in the industry, the Company has continuously evolved through technological innovations, retaining its competitive advantage. Since the establishment of the first manufacturing unit for high-pressure decorative laminates in Hapur in 1981, the Company made significant progress and has enjoyed a high brand recall through decades of market presence and satisfied customers.

Achieving Milestones in Progress

During the year, the Company achieved remarkable progress, primarily attributed to its burgeoning market presence and increasing recognition of the brand. A consistent and noteworthy aspect of the performance has been the sustained momentum in introducing innovative products across various categories. https://unlistedzone.com/shares/merino-industries-limited-unlisted-shares/