Race Eco Chain Q2 Results: Revenue Jumps 60% To Rs 79 Cr, EBITDA Climbs 278%

One of the top waste lifecycle management firms, Race Eco Chain Ltd., has declared the company's unaudited financial results for the quarter and a half year that ended on September 30, 2023. In Q2FY24, the company recorded revenue from operations of Rs 78.88 Cr, up 60.40% YoY from Rs 49.18 Cr in Q2FY23. Its EBITDA increased by 278.78% to Rs 1.27 Cr in the quarter under review from Rs 0.33 Cr in the same quarter last year. In Q2FY24, the company's EBITDA margin was 1.61%, up from 0.68% in Q2FY23.

The company reported a net profit of Rs 0.29 Cr in Q2FY24 up by 6.21% YoY from Rs 0.28 Cr in Q2FY23 whereas the PAT margin stood at 0.38% compared to 0.57% in the year-ago quarter.

RACE (Recycling and Circular Economy), an organisation committed to reducing the carbon footprint generated by plastic waste, has become a leading force in the environmental field. It controls the complete waste lifecycle, allowing traceability from collection to disposal, using AI and Blockchain technology.

Through the use of AI-powered applications, it facilitates connections between buyers and sellers by utilising blockchain technology for secure transactions. Recycling PET fabric into products that adhere to GRS (Global Recycle Standards) requirements raises the bar for openness and accountability in the sector.

RACE offers end-to-end traceability and is a proud participant in the responsible practises movement. Recently, RACE strengthened key collaboration with ZEPTO (Kiranakart Technologies Pvt. Ltd.) as part of a strategic initiative to enhance traceability throughout its operations.

As a result of this partnership, ZEPTO's assigned delivery agents are responsible for physically collecting PET bottles from households in order to accomplish complete traceability by effectively obtaining PET bottles made of post-consumer trash. The company's securities are listed on the BSE and NSE.

On Tuesday, the shares of Race Eco Chain opened on the BSE at a fresh 52-week-high of Rs 337.00 apiece.