Q2 FY25 EBITDA at Rs. 296 Million; growth of 2.4% YoY

Q2 FY25 Revenue from MDF is Rs. 1,717 Million; growth of 14.7% YoY

AHMEDABAD, India, Oct. 28, 2024 /PRNewswire/ — Rushil Decor Limited (BSE: 533470) (NSE: RUSHIL), one of the leading suppliers of eco-friendly sustainable MDF Boards, Laminates and Plywood has announced its unaudited financial results for the quarter ended 30th September 2024.

*For the quarter Q2FY25, if we do not consider forex loss, EBITDA in terms of value would be ₹ 311 Million and PBT would be ₹ 183 Million EBITDA Margins would be 13.5% and PBT Margins would be 7.9%.

Business and operational Highlights for Q2 FY2025:

Net Debt to Shareholder Equity at 0.44xConsolidated Basic EPS of Q2 FY2025 is Rs. 0.42 and Diluted EPS is Rs. 0.38Added 105 new dealers and 65 new distributorsMDF Boards:Reported EBITDA of Rs. 226 million with an EBITDA margin of 13.2%Price realization for per CBM in export and India are Rs. 21,308 and Rs. 24,723Capacity utilization optimized at 88%54% revenue of MDF boards contributed by value-added productsLaminates:Reported EBITDA of Rs. 65 million with an EBITDA margin of 12.9%Price realization for per sheet in export and India are Rs. 701 and Rs. 626Capacity utilization for laminates was at 90%

Commenting on the performance Mr. Rushil Thakkar, Managing Director, said:

“In Q2 FY2025, Rushil Decor reported Revenues of Rs. 2,304 million representing a year-on-year growth of 12.6% and a growth in PAT of 7.9%. Improved realizations in our MDF boards export markets significantly contributed to our overall financial performance. The MDF division remained a key growth driver, with a revenue increase of 14.8%, and value-added products now accounting for 54% of total MDF boards revenue.

On the expansion front, our Jumbo Laminate project in Gandhinagar encountered temporary delays due to late machinery supply and heavy rainfall affecting installation. We anticipate operations to commence by the end of Q4 FY2025. Once operational, this facility is expected to produce an additional 2.8 million sheets annually, not only significantly enhancing our production capacity but allow us to enter the Jumbo sized market.

Expanding our international footprint, we have incorporated a wholly-owned subsidiary in Singapore focused on laminates to target the Southeast Asian market more effectively. This initiative is expected to drive revenue growth and improve margins in the region. Our participation in various European exhibitions this quarter has generated additional inquiries for our MDF products, presenting further growth opportunities in international markets.

A planned maintenance shutdown is scheduled at our Chikmagalur unit, which manufactures MDF boards. This routine procedure is conducted every 3 to 4 years to ensure operational efficiency, enhance product quality and sustain over 100% capacity utilization over the next three years.

During this quarter, we added 65 new distributors and 105 new dealers, further strengthening our market presence. Our commitment to sustainability remains unwavering, as demonstrated by our agroforestry initiatives, which enhance our raw material supply chain and contribute to local community development.

As the newly appointed Managing Director, I look forward to leading Rushil Decor through this growth phase, leveraging our management team’s capabilities and executing our strategic initiatives to deliver sustained value for all stakeholders.”

About Rushil Decor

Founded in 1993, Rushil Decor Limited is a globally leading company in modern interior infrastructure and eco-friendly composite wood panels. The company excels in setting industry benchmarks through innovative designs and advanced technology. Operating six cutting-edge manufacturing plants, Rushil Decor has an annual capacity of 3,30,000 CBM MDF and 3.49 million laminates, serving customers in over 54 countries. The company’s product range includes VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR Pre-laminated Decorative MDF/HDFWR boards, VIR Modala Ply, VIR PVC and VIR WPC boards/doors. 

Rushil Decor’s commitment to quality, design excellence and customer-centricity distinguishes it in the market. Driven automated plants, world class German technologies and global standards, Rushil Decor relentlessly creates smarter spaces. The company ensures optimal supply chain efficiencies and resource utilization. Strategic local plantations further enhance cost advantages in raw material sourcing, allowing Rushil Decor to meet global market demand effectively and sustainably.

For more details, please visit: www.rushil.com

Media Contact:
Hiren Padhya
Chief Financial Officer
Rushil Decor Limited
hiren.padhya@rushil.com

Churchgate Investor Relations:
Rajiv Pandya / Abhishek Dakoria 
Churchgate Partners
+91 22 6169 5988
rushil@churchgatepartners.com

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward- looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.

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HAIFA, Israel, Oct. 28, 2024 /PRNewswire/ — Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) (“Elbit Systems” or the “Company”) announced today that it was awarded an approximately $200 million contract by the Israeli Ministry of Defense (IMOD) to supply high-power laser systems for the “Iron Beam” air defense system.

Under the contract, Elbit Systems will supply the IMOD, under the “Iron Beam” project, its high-power laser solution, developed by the Company to provide a robust defense against a variety of threats. Additionally, the contract includes ongoing support services.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: “As Israel’s Laser Center and a global leader in high-power laser technology, Elbit Systems congratulates on the significant progress made in the “Iron Beam” project and is proud of its contribution to its success. The capabilities developed at Elbit Systems represent a leap forward in future defense against various threats.”

About Elbit Systems

Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.

Driven by its agile, collaborative culture, and leveraging Israel’s technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.

Elbit Systems employs over 20,000 people in dozens of countries across five continents. The Company reported as of June 30, 2024, approximately $1.6 billion in revenues and an order backlog of approximately $21.1 billion.

For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Company Contact:   
Dr. Yaacov (Kobi) Kagan, Executive VP – CFO
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com

Dr. David Ravia, Investor Relations
Tel: +972-77-2947169
david.ravia@elbitsystems.com

Dalia Bodinger, VP, Communication & Brand
Tel: 972-77-2947602
dalia.bodinger@elbitsystems.com

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States, among others, including the duration and scope of the current war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.

LONDON, Oct. 28, 2024 /PRNewswire/ — Elwood, a leading fintech that provides comprehensive digital asset trading and investing solutions to institutions, announced today that Boerse Stuttgart Digital will be using Elwood’s technology to enhance its digital asset offering. Boerse Stuttgart Digital is Europe’s leading infrastructure partner for digital and crypto solutions.

Boerse Stuttgart Group has built the largest crypto and digital asset business amongst European exchange groups with over 200 institutional clients, including leading banks, trading firms and asset managers. Through this partnership, institutional clients will gain access to digital asset markets by leveraging Elwood’s infrastructure solutions that provide a powerful and easy-to-use entry point to trading across key exchanges and liquidity venues.

Chris Lawn, CEO, Elwood, said: “We pride ourselves on providing market-leading digital asset trading and portfolio investing solutions to our clients and are excited to partner with Boerse Stuttgart Digital. We look forward to helping them provide their institutional clients with intuitive and efficient ways to pursue digital asset trading, portfolio management and investing.”

Dr. Ulli Spankowski, Managing Director Boerse Stuttgart Digital, added: “We are seeing the demand for digital assets grow exponentially across European markets and are excited to be working with Elwood to make it easier for our clients to access them. We share with Elwood a culture of compliance, safety, and regulatory readiness and are confident that this partnership will provide our clients with the technology they need to scale and adapt as this asset class continues to grow.”

To find out more about the Elwood platform, please visit: https://elwood.io/

About Elwood

Elwood is a leading fintech that provides comprehensive digital asset trading and investing solutions to institutions. Elwood’s powerful risk management capabilities and culture of compliance have driven solutions that are powerful, performant and built for safety, security and regulatory readiness. Supported 24/7 by a team of market structure and technology experts, Elwood clients can trade a wide range of markets and products today and be confident the technology will scale with them as they grow. For more information visit www.elwood.io

About Boerse Stuttgart Digital

Boerse Stuttgart Digital, powered by Boerse Stuttgart Group, is the reliable partner for integrated and customized solutions along the value chain of cryptocurrencies and digital assets in Europe. As part of the Boerse Stuttgart Group, with over 160 years of expertise in financial markets, Boerse Stuttgart Digital is fully regulated in Germany. As a one-stop-shop, it offers modular institutional infrastructure solutions around brokerage, trading, and custody of cryptocurrencies and digital assets, enabling financial institutions across Europe to provide their clients easy and reliable access to cryptocurrencies and digital assets. For more information, visit www.bsdigital.com.

Media Contact
Sam Raffalli
Forefront Communications for Elwood
elwood@forefrontcomms.com

Disclaimer: For investment professionals only. Not for retail.

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SOURCE Elwood Technologies