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Organic Recycling Systems Limited’s shares were up by 14.51 per cent after the company reported its financial results for FY24, Profit After Tax (PAT) surged by 113%, reaching ₹776.90 lakhs compared to ₹365.38 lakhs in the previous fiscal year. In the second half of FY24 (H2FY24), the company reported a 20% increase in revenue and a 186% increase in PAT over the first half of the fiscal year (H1FY24).
The company further informed, Product Division saw the commercialization of the Sanjeevak carbonization systems for treating biomass waste and the launch of GAC-01, marking ORSL’s entry into the activated carbon market. These developments are expected to expand the company’s product pipeline and create additional revenue streams through the sale of activated carbon.
The company said that it also made strides in research and development, signing MOUs with several institutions, including the University of Birmingham, Amity University (Mumbai), and Walchand Institute of Technology (Solapur). These partnerships aim to develop and scale up new technologies to solidify ORSL’s position in the clean technology sector.
- Also read: India has the highest recycling rates globally for copper, reveals ICA India ‘stock and flow model’
Additionally, ORSL has entered an MOU with Sardar Swaran Singh National Institute of Bioenergy to establish a pilot for microbial culture production, aimed at enhancing biogas production from Napier grass. Sarang Bhand, said, “FY24 has been a positive year for ORSL, with substantial increases in both income and PAT. Our strategic initiatives and partnerships have positioned us for continued growth and diversification in the clean technology sector.”
ORSL remains committed to expanding its capabilities in waste management, aiming to convert municipal solid waste and agro waste into valuable products. The company plans to undertake large Technology EPC (TEPC) projects, including through various special purpose vehicles (SPVs), to deliver strong results for stakeholders in the future.
The shares were up by 14.51 per cent to ₹268 at 12.47 pm on the BSE.
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