Mumbai, July 3 : Manika Plastech Limited, which recently filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), reported a decline of more than 9 per cent in its revenue for the financial year ended March 31, 2024 (FY24).

The company's revenue from operations stood at Rs 360.7 crore in FY24, down from Rs 396.5 crore recorded in FY23, according to the DRHP.

Following suit, the company's total income fell 7.61 per cent to Rs 368.7 crore in FY24, compared to Rs 399.1 crore in FY23.

Additionally, the company's borrowings surged significantly. The closing balance of borrowings for FY24 stood at Rs 62.6 crore, compared to Rs 68 crore in FY23.

However, the company managed to post a modest increase in profit after tax (PAT), rising 1.76 per cent to Rs 11.5 crore in FY24, up from Rs 11.3 crore in the previous financial year.

The company's total expenses reduced by nearly 8 per cent, bringing them down to Rs 352.2 crore in FY24 from Rs 383.1 crore in FY23.

For the nine months period ended on December 31,2024, the revenue from operations stood at Rs 295.5 crore.

The net profit of the Mumbai-based rigid polymer packaging firm for the same period stood at Rs 11.6 crore.

Manika Plastech's proposed IPO consists of a combination of fresh issue and an offer for sale (OFS), with the company planning to offer up to 1.5 crore equity shares with a face value of Rs 2 each.

One of the promoters, VRIDAA Holding Trust, will offload part of its stake through the offer for sale route.

Pantomath Capital Advisors Private Limited is the lead manager for the issue, while MUFG Intime India has been appointed as the registrar.

The company intends to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Incorporated in April 1996 as Manika Moulds Private Limited under the Companies Act, 1956, Manika Plastech deals in the plastic moulding segment.

/IANS