Maximus Posts 77 Percent Increase in EBITDA, Sustaining Upward Trend; Revenue Soars by 63 Percent

New Delhi [India], November 26: Maximus reported a 63% rise in revenue to INR 751 Mn and a 77% increase in EBITDA for HYE ’24, driven by consistent growth and strategic initiatives. PAT grew by 62% to INR 43 Mn, reflecting robust profitability. A successful capital raise of INR 211.48 Mn supported investments in subsidiaries, debt reduction, and working capital, strengthening the company’s financial position and growth trajectory.

Update on Financial Performance

• Sustained Revenue Progress: The company posted revenue of INR 751 Mn for the first half of the year, marking a significant 63% growth compared to HYE ’23. This increase reflects consistent performance and sustained quarter-on-quarter progress.
• EBITDA Expansion: Driven by consistent growth, the company clocked EBITDA of INR 73 Mn during HYE ’24, a notable 77% increase from HYE ’23. This achievement also signifies an 83% jump over Q2 ’23 and a 12% rise from Q1 ’24, showcasing strong momentum.
• Strategic Excellence: The impressive results underscore the company’s strategic focus and commitment to maintaining healthy EBITDA margins over multiple quarters.
• Accelerated Profit Growth: The rise in EBITDA has propelled PAT to INR 43 Mn, reflecting a 62% increase from HYE ’23. The PAT level has been sustained at the same as QE June ’24, illustrating stable financial leverage.
• Strengthened Leverage Position: The company has improved its financial health with a 39% reduction in its debt-equity ratio from HYE ’23 and enhanced its Interest Service Coverage Ratio, emphasising financial resilience.

Update on Fundraising

• Successful Capital Raise: The company successfully raised INR 211.48 Mn through the issuance of 103.16 lakh shares at INR 20.50 per share on a preferential basis.
• Strategic Investments in Subsidiaries: A significant portion of approximately INR 85.50 Mn was strategically invested in subsidiaries, focusing on the Kenyan manufacturing unit to upgrade its facilities, machinery, and infrastructure and to meet increased working capital demands linked to the East African expansion. This investment is expected to enhance production capacity, support growing local market needs, and facilitate expansion into neighboring countries, including Tanzania and Uganda.
• Debt Optimization and Working Capital Support: Around INR 68 Mn has been earmarked to bolster working capital and reduce debt, thereby optimising finance costs and improving leverage. The company has allocated funds in line with the disclosures in the financial statement notes, positioning itself for sustainable growth and improved profitability.

Financial Synopsis: 

Figures in INR Mn.