Mumbai— Manika Plastech Limited, which recently filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an upcoming Initial Public Offering (IPO), reported a revenue decline of more than 9% for the financial year ended March 31, 2024 (FY24).
According to the DRHP, the company’s revenue from operations fell to ₹360.7 crore in FY24, down from ₹396.5 crore in FY23. Total income also dropped 7.6% to ₹368.7 crore, compared to ₹399.1 crore the previous year.
Meanwhile, borrowings saw a notable increase, with the closing balance for FY24 at ₹62.6 crore, up from ₹68 crore in FY23.
Despite the revenue decline, the Mumbai-based rigid polymer packaging manufacturer managed a modest 1.76% rise in profit after tax (PAT), posting ₹11.5 crore in FY24 compared to ₹11.3 crore in FY23.
Total expenses were reduced by nearly 8%, dropping from ₹383.1 crore in FY23 to ₹352.2 crore in FY24.
For the nine-month period ending December 31, 2024, revenue from operations stood at ₹295.5 crore, while net profit reached ₹11.6 crore.
Manika Plastech’s IPO will include a combination of a fresh issue and an Offer for Sale (OFS), with plans to offer up to 1.5 crore equity shares at a face value of ₹2 each. As part of the OFS, promoter VRIDAA Holding Trust will divest a portion of its stake.
Pantomath Capital Advisors Private Limited is serving as the lead manager for the IPO, while MUFG Intime India has been appointed as the registrar.
The company plans to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Founded in April 1996 as Manika Moulds Private Limited under the Companies Act, 1956, Manika Plastech operates in the plastic molding and rigid polymer packaging sector. (Source: IANS)
