Mumbai – Exhicon Events Media Solutions Ltd (EMSL), a subsidiary of the EXHICON Group, has reported financial results for the fiscal year 2023-2024. The company’s performance underscores its financial robustness, operational excellence, and steadfast commitment to innovation, sustainability, and stakeholder value.
The results for FY 2023-2024 highlight EMSL’s strategic initiatives and dedication to maintaining its leadership in the exhibitions and events industry. Over the past year, the company has acquired seven businesses, focusing on driving innovation and sustainability while delivering superior value to its stakeholders.
For the fiscal year, EMSL achieved a remarkable 48.84% increase in revenue, rising from INR 59.87 Cr in FY 2022-2023 to INR 89.12 Cr in FY 2023-2024. The company’s EBITDA increased to INR 20.12 Cr from INR 13.80 Cr in the previous fiscal year, reflecting significant operational efficiency. Consolidated Profit After Tax (PAT) grew from INR 9.16 Cr in FY 2023 to INR 14.22 Cr in FY 2024, an improvement of 66 basis points. Standalone sales also saw a rise, increasing by 9.43% from INR 38.23 Cr to INR 41.84 Cr, while standalone PAT increased by 9.2%, climbing from INR 5.78 Cr to INR 6.31 Cr.
PAT margins after minority interest improved by 66 basis points, reflecting EMSL’s intention to increase its stake in Maple Heights Business Centre LLC from 51% to 76%. This strategic move is expected to further consolidate the company’s market position.
Following a significant internal restructuring in H2 FY24, EMSL moved its business serving end clients, exhibitors, and brands to its 99% subsidiary, Digiglobe Advertising. Additionally, its overseas business was transferred to its 51% subsidiary, Maple Heights LLC Dubai, while venue-related and event organizer-focused services were retained within EMSL.
This restructuring resulted in the transfer of a top-line of INR 4.2 Cr and PAT of 0.67 Cr to Digiglobe, and a top-line of INR 5.3 Cr and PAT of 0.93 Cr to Maple Heights LLC in H2 FY24. Consequently, standalone revenue was reduced by INR 9.5 Cr and PAT by INR 1.6 Cr in the second half of the fiscal year.
Adjusted figures for H2 FY24, accounting for the restructuring, would show EMSL’s standalone sales at approximately INR 27.2 Cr and PAT at INR 3.96 Cr. For the full year, adjusted standalone figures would have been approximately INR 50.24 Cr in sales and INR 7.90 Cr in PAT. The revenue and PAT shifts to Digiglobe are largely neutral due to 99% consolidation, while shifts to Maple Heights affect PAT percentage due to only 51% consolidation.
EMSL’s robust FY24 performance, strategic acquisitions, and restructuring initiatives position the company for sustained growth and enhanced value creation in the coming years. The company’s commitment to innovation and sustainability continues to drive its success, ensuring that it remains at the forefront of the exhibitions and events industry.
