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Medine Group Smashes Financial Goals: 73% Revenue Surge



Medine Group Smashes Financial Goals: 73% Revenue Surge

The Medine Group has reported strong financial results for the first half of the 2023-2024 financial year. Revenue increased by 73% to reach Rs 2.02 billion, while EBITDA rose by 93% to Rs 496 million.

The company’s leadership attributes this performance to efforts to enhance innovation and operational excellence. CEO Dhiren Ponnusamy emphasized the company’s operational restructuring and disciplined management.

The real estate sector saw impressive results, with revenue quintupling to Rs 881 million and EBITDA tripling to Rs 187 million. Projects like Serenis and City Garden Oceanside contributed to this growth.

The agriculture sector also performed well, with revenue reaching Rs 722 million and EBITDA improving by 49% to Rs 230 million. Strategic initiatives in response to climate challenges and innovative farming practices were key drivers of this success.

The leisure division experienced increased tourist traffic at Casela park, leading to a 34% revenue growth. The education sector expanded through partnerships with top international institutions, focusing on key areas like computer science, data science, and engineering.

Future projects include the completion of residential developments and the expansion of the Cascavelle Shopping Mall. Medine has reduced its net debt to Rs 4.4 billion, reflecting its commitment to debt reduction. A recent oversubscribed bond issuance demonstrates investor confidence in the company’s financial stability.

The company’s long-term vision includes sustainable development projects and community contributions. The CEO highlighted the company’s dedication to creating a positive impact on society.

Source: l’Express

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