MTAR Technologies growth momentum continues in Q2 FY22 with 37.23 % YoY rise in Net Profit

MTAR Technologies growth momentum continues in Q2 FY22 with 37.23 % YoY rise in Net Profit

Hyderabad: MTAR Technologies Ltd (“MTAR”), a leading precision engineering solutions company engaged in manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors has announced its financial results for the second quarter ended on 30th September, 2021.

Q2FY22 Highlights

Consolidated Performance Highlights                     
YoY Highlights – Q2 FY 22 Vs Q2 FY21
Revenue from Operations stood at Rs. 91.30 crore as against Rs. 73.29 crore in Q2FY21, 24.57% increase YoY
EBITDA reported at Rs 29.44 crore as compared to Rs. 24.08 crore in Q2FY21, 22.26% increase YoY
Profit Before Tax stands at Rs 27.11 crore as against Rs. 19.76 crore in Q2FY21, 37.15% increase YoY
Profit After Tax reported was at Rs. 19.05 crore as against Rs. 13.89 crore in Q2FY21, 37.23% increase YoY
Diluted EPS stands at Rs. 6.19

Q2FY22 vs Q1FY22 (Consolidated)

Revenue from operations for the quarter ended September 30th, 2021 stood at Rs. 91.30 crore as compared to Rs. 54.03 crore in Q1FY22, 68.97% increase QOQ.

The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stood at Rs. 29.44 crore in Q2FY22 as against Rs. 14.47 crore in Q1FY22, 103.43% increase QOQ. The Company’s EBITDA margin stood for Q2 FY 22 at 32.24%

Profit Before Tax (PBT) stood at Rs. 27.11 crore for Q2FY22 as compared to Rs. 12.55 crore in Q1FY22, 116.01% increase QOQ. The company’s PBT margin stood for Q2 FY 22 at 29.69%

Profit After Tax (PAT) reported stood at Rs. 19.05 crore for Q2FY22 as against Rs. 8.71 crore in Q1FY22, 118.79% increase QOQ. PAT margin stood for Q2 FY 22 at 20.87%

Operational Highlights

·         Revenue from Exports is increased by 32.34% in comparison with Q2 FY 21,

·         Received Rs. 220 Crs of orders from Bloom for Yuma version of SOFC units in Q2 FY 22. Qualification for Keeylocko version of SOFC units and sheet metal parts of Bloom are under progress

·         Order book as on 30 Sept 2021 stands at 535.64 Crs in comparison with 288.09 Crs as on 30 Sept 2020

·         The company has received a rating of A-(Positive) from ICRA and A-/Stable from CRISIL for FY 22

Commenting on the results, Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said, “We have witnessed an impressive growth in terms of revenue and order inflow in Q2 FY22 after the challenges imposed by Pandemic in Q1.  MTAR has clocked a revenue of Rs. 91.30 Crs with an YoY growth of 24.57%. We have posted an EBITDA of Rs. 29.44 Crs with an YoY growth of 22.26% and a net profit of Rs. 19.05 Crs with an YoY growth of 37.23%. We have received largest single order worth ~Rs. 220 Cr from Bloom in Q2; anticipate an accelerated order inflow from domestic and exports in Q3 and Q4. We are confident of continuing this growth momentum backed by a robust order book over the coming quarters as the Indian manufacturing is at an inflection point amidst push by government on Atmanirbhar Bharat initiative.

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