The price action was accompanied with strong volume on the exchanges. Nearly 1 million shares were trading on the NSE and BSE, higher than the usual volume.
The company’s revenue from operations stood at Rs 166.8 crore in Q2FY24 as against Rs 126.2 crore in the corresponding period of the last financial year. It was up 32.2%. The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) reported by the company for the reporting quarter stood at Rs 36.1 crore as compared to Rs 34.9 crore in the year ago period. It was up by 3.4% YoY.
The Profit Before Tax (PBT) stands at Rs 25.7 crore in Q2FY24 as against Rs 33 crore in Q2FY23, a 22.1% decrease YoY.
MTAR Technologies manufactures and develops mission critical precision engineered systems catering to clean Energy viz. civil nuclear power, fuel cells, hydel & Others, space and defense sectors.
Commenting on the results, Parvat Srinivas Reddy, Managing Director and Promoter of MTAR said, “We revise our annual guidance for FY24 to a revenue of around Rs 670 crore to Rs 700 crore as against previous guidance of around Rs 830 crore to Rs 860 crore with an EBITDA of around 26% +/- 100 bps as against previous guidance of around 28% +/- 100 bps due to deferment of shipment plans against the confirmed orders from Clean Energy to the next fiscal year”.
However, Reddy said that the long-term growth of the company remains intact as the sectors MTAR is catering to are witnessing significant growth. In addition, the company expects that there will be an acceleration of orders inflow from H2FY24.(You can now subscribe to our ETMarkets WhatsApp channel)
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