Overview
The Wealth ladder
The Achievers
Chief Executive Officer
Dhiren Ponnusamy
Medine Limited. In this year’s ranking, Medine secures the 33rd spot (40th place in last year’s ranking). Medine’s net profit reached Rs 1.2 billion for the year ended 30 June 2024, marking the 3rd consecutive year of record earnings for the Group. The Group also achieved record revenues, which reached Rs 5.6 billion (FY 23: Rs 3.3 billion), resulting in an EBITDA of Rs 1.5 billion (FY 23: Rs 940 million). While the underlying operational performance was strong, the overall headline results should be read in the context of the Group’s deleveraging program and the contribution of real estate sales. Property operations experienced a strong growth in revenues to Rs 3.8 billion, more than doubling on last year’s Rs 1.7 billion. Operating expenses include Rs 2.1 billion of costs relating to property development inventories sold (FY 23: Rs 742 million). Agriculture operations generated total revenues of Rs 918 million (FY 23: Rs 861 million) and EBITDA of Rs 344 million (FY 23: Rs 240 million), 43 per cent higher than last year. Leisure operations were buoyed by Casela, where revenues rose by 22 per cent to reach Rs 433 million; and Lifestyle & Hospitality where revenues rose by 20 per cent (FY 24: Rs 266 million; FY23: Rs 223 million). The Education segment achieved a revenue of Rs 61 million, representing a 22 per cent increase from last year with an EBITDA of Rs 13 million. Net debt decreased to Rs 4 billion as of 30 June 2024, reflecting an optimised debt portfolio. The Group restructured its debt by extending maturities, providing greater stability for long-term planning. The outlook remains positive with a strong property projects pipeline which includes the extension of Cascavelle Shopping Mall, The Grove residential phases, the new hospital as well as the delivery of the Pierrefonds residential project. A refresh of Tamarina hotel is also under way while Casela is expected to welcome some new residents in the 2nd quarter.