Please find the Attached Annual Report for the Financial Year ended on 31st December 2024
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Enkei Wheels (India) has submitted its Annual Report for the financial year ended December 31, 2024, along with the notice for its 16th AGM scheduled on May 28, 2025. Total revenue grew to ₹8,503.17 million from ₹7,242.02 million, an increase of about 17%. However, profit after tax fell sharply to ₹26.54 million from ₹116.95 million in FY23, a drop of over 77%, due to higher depreciation, finance costs, and raw material prices. EBITDA stood at ₹671.14 million, marginally lower than ₹682.95 million last year. The company also saw a leadership change, with Kenjiro Hama taking over as Managing Director from Suzuki, and three new independent directors joining the board.
Strong revenue growth signals healthy demand, but the steep drop in profit and rising depreciation and finance costs are likely to weigh on investor sentiment in the short term. Watch for MAP2 commissioning and improved productivity in FY25 as potential triggers for a recovery in margins.